The text discusses the formation of a key technical pattern in the Bitcoin price chart, indicating potential upcoming volatility. Depending on how the pattern is broken, the price could either drop to $38,000 or rise to $48,000. The article also mentions that the recent rally in Bitcoin has been driven by anticipation of spot Bitcoin ETF approval and expectations of a Fed rate cutting cycle. However, some argue that the optimism regarding spot Bitcoin ETFs may already be priced in, and there may be a lack of fresh catalysts to drive further upside. Various indicators also suggest a cooling of bullish bets and a higher likelihood of a near-term price drop. Despite short-term risks, the long-term bullish case for Bitcoin remains strong, with factors such as spot Bitcoin ETF approvals and the Bitcoin issuance rate halving expected to support the price.
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