Here’s the ‘Best Thing’ That Could Happen to Bitcoin After Potential ETF Approval, According to Top Analyst

A prime dealer who caught the crypto breakout at the beginning of the yr is unveiling one of the best path for Bitcoin following the potential approval of spot market BTC exchange-traded fund functions (ETF).

Pseudonymous analyst DonAlt tells his 56,000 YouTube subscribers {that a} prolonged consolidation interval might be the healthiest consequence for Bitcoin after the doable ETF approval.

The crypto strategist says that whereas the ETF announcement, which is due on January tenth, will possible be a sell-the-news occasion, he doesn’t suppose Bitcoin will nosedive beneath $20,000.

“We’d get the sell-the-news occasion factor however then we would simply go sideways afterwards. 

I’ve seen a bunch of individuals speculate in the marketplace simply going straight to all-time highs. And it appears a bit of far-fetched simply primarily based on the place we’re coming from like how this bear market was and what we went by.

But additionally I’ve seen a bunch of individuals goal silly low numbers, like ‘That is going beneath $20,000. It’s making new lows after the ETF.’ That’s simply utterly and completely silly, too. 

So I believe there’s going to be one thing within the center, and I truly suppose the most probably consequence is only a very prolonged consolidation in 2024, which is essentially the most boring however I believe it could be essentially the most wholesome.” 

DonAlt highlights that Bitcoin buying and selling in a variety for the primary few months of 2024 with out hitting new all-time highs can be long-term bullish for BTC.

“If you would like the worth to go up, I believe one of the best factor that might occur is that we simply have January, February [and] March sideways though we get the ETF announcement. 

Think about we simply oscillate round $40,000, go in direction of $35,000, $45,000 [or] possibly even $50,000 – like keep in that vary in Q1. That may make me essentially the most bullish in the marketplace.” 

The analyst additionally predicts that Bitcoin will hit $60,000 subsequent yr however BTC gained’t be capable of break that prime timeframe resistance in a single go.

At time of writing, BTC is price $42,097.

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