Bitcoin Analyst Predicts $60,000 Price Level
A crypto analyst named DonAlt has made predictions about Bitcoin’s future trajectory. He believes that Bitcoin could rise to the resistance level of $60,000 based on historical patterns. DonAlt highlighted a bullish setup on the quarterly timeframe, similar to previous periods in 2018 and 2021.
Riding on Spot Bitcoin ETF Rumors
DonAlt believes that the road to $60,000 will be fueled by the rumors surrounding the approval of a Spot Bitcoin ETF. However, he also predicts that once the approval comes in January, it will trigger a “sell-the-news” event, causing Bitcoin to drop to $35,000 before trending upward again.
Bearish Side to the Setup
DonAlt also provided a bearish scenario for Bitcoin’s future trajectory. He projects a close below the resistance level of $35,000, suggesting a bearish retest and potentially lower prices for investors.
Analyst’s Reasoning for “Sell-the-News” Event
DonAlt explains that he believes the Spot Bitcoin ETF approval in January will be a “sell-the-news” event because Bitcoin has already risen significantly on the back of these rumors. If Bitcoin had been trading at a lower price before the approval came, he would have had a different opinion about its potential for growth.
Potential Inflows Could Prevent Sell-the-News Event
Trading firm QCP Capital suggests that significant inflows into Spot Bitcoin ETFs could prevent the classic sell-the-news event from happening. If these funds see enough liquidity in the first few weeks of trading, they project that Bitcoin could reach its all-time high of $69,000 instead.
Hot Take: Bitcoin’s Future Trajectory and ETF Approval
As Bitcoin continues to make headlines, analysts have varying opinions about its future trajectory. While some predict a rise to $60,000 based on historical patterns, others caution that the approval of a Spot Bitcoin ETF in January could trigger a sell-off. The debate centers around whether the ETF approval has already been priced into Bitcoin’s current value. However, trading firm QCP Capital suggests that significant inflows into these ETFs could potentially push Bitcoin to reach new all-time highs. As investors eagerly await the outcome, only time will tell which scenario plays out.
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