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- Amidst the excitement surrounding the potential approval of the Spot Bitcoin ETF (Exchange-Traded Fund), Bitcoin (BTC) Price has exhibited significant volatility in the last 7 days.
- The announcement for potential spot ETF approvals is expected from the Securities and Exchange Commission (SEC) until January 10, 2023.
- The analyst also pointed out that in the scenario where the consolidation pattern in BTC price signifies the involvement of other coins, altcoins could become significant.
Amidst the excitement of Spot Bitcoin ETFs, BTC prices remain under selling pressure: Will the correction continue?
How Far Will the Correction in Bitcoin Continue?
Amidst the excitement surrounding the potential approval of the Spot Bitcoin ETF (Exchange-Traded Fund), Bitcoin (BTC) Price has exhibited significant volatility in the last 7 days. This coincides with significant whale movements, which could be an indication of a potential minor dip for the top cryptocurrency.
In the coming quarter, the momentum story for BTC Price seems to be determined if the Securities and Exchange Commission (SEC) gives the green light for Bitcoin ETF approval. An announcement for potential spot ETF approvals is expected from the SEC until a probable date of January 10, 2023.
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In this context, Dan McDermitt, a crypto analyst, predicted that BTC price would follow a consolidation pattern between the support level of $40,000 and the resistance level of $44,000 as it enters 2024. As observed around significant macro events like the Federal Reserve’s interest rate announcements, the top cryptocurrency may trade closer to the $40,000 support range between January 6-10.
The analyst also emphasized that in the scenario where the consolidation pattern in BTC price signifies the involvement of other coins, altcoins could become significant. In the last few days, Chainlink Price (LINK) and Litecoin Price (LTC) exhibited volatility that could be early signs of an altcoin rally. Therefore, investors and traders may adopt a cautious approach until January 10, 2024.
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Bitcoin ETF: Post-Approval
The approval of the spot Bitcoin application in January 2024 could be a positive precursor for traders and investors, as institutional money is likely to arrive just in time for the planned second halving of Bitcoin. This could provide the possibility of the bullish momentum continuing for an extended period in the context of two significant events in crypto history.
While Standard Chartered has already predicted that cryptocurrency will reach $100,000 by the end of 2024, Cathie Wood made a long-term forecast stating that Bitcoin would reach $1 million by 2030.
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