Bitcoin (BTC) has once again captured the market's attention as it strives to surpass the $30,000 threshold amidst an ongoing short-term rally. During this resurgence, several analysts are predicting further gains for Bitcoin, potentially leading to a new all-time high.

Notably, TradingShot, a prominent crypto trading analyst, outlined in a TradingView post dated October 20 that Bitcoin's current strong technical indicators and historical patterns indicate a sustained upward trajectory, with a correction being anticipated only under specific conditions.

The analyst specifically mentioned that Bitcoin is setting its sights on the $35,000 level, defying recent doubts stemming from fake news about a potential spot Bitcoin Exchange-Traded Fund (ETF).

According to TradingShot, Bitcoin is approaching the recent high it reached the previous Monday, with its 1-day Relative Strength Index (RSI) surging into overbought territory, surpassing the 70.00 mark. However, this overbought condition may not be a cause for concern among those expecting a technical correction.

The analyst pointed out that Bitcoin is exhibiting a compelling one-year pattern resembling an 'Channel Up.' This pattern suggests that the current upward movement is the next phase of a technical bullish trajectory that could propel Bitcoin to new heights.

Furthermore, Bitcoin's 1-day moving average (MA) indicators provide additional support for this bullish outlook. The 1-day MA50 has been reinforcing this uptrend alongside the 1-day MA100, further bolstering confidence in Bitcoin's upward momentum. This dual MA support resembles the pattern observed during the previous bullish phase.

The analyst mentioned that the next significant buying opportunity would occur when Bitcoin corrects to the 1-day MA100. Consequently, a correction is not anticipated at this moment, despite the overbought RSI. Instead, the strategy is to wait for at least three Lower Highs before taking profit and waiting for a 1D MA100 correction. This correction would be the entry point for targeting a symmetrical Higher High at $35,500 on the 1.5 Fibonacci extension.

It's noteworthy that Bitcoin is making efforts to reclaim the $30,000 mark after the debunking of news regarding the approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).

While some analysts suggest the possibility of the first spot Bitcoin ETF approval by the end of the year, the SEC has not committed to a specific timeline. A recent court ruling found the SEC's refusal to grant Grayscale a Bitcoin ETF to lack merit. While not guaranteed, the SEC's decision not to appeal this case increases the likelihood of a spot Bitcoin ETF approval in the near future.

As of the time of writing, Bitcoin is trading at $29,803, reflecting daily gains of approximately 1%. On the weekly chart, Bitcoin has accumulated an increase of over 10%.

From a technical analysis perspective, Bitcoin is predominantly influenced by bullish sentiment. One-day indicators on TradingView suggest a 'strong buy' at 16, while moving averages indicate a 'strong buy' at 14. On the other hand, oscillators are currently neutral at 8.

While Bitcoin continues to enjoy short-term gains, it remains within the familiar price range of $25,000 to $30,000.