A Bitcoin Analyst Warns of Potential Double-Digit Collapse
A well-known cryptocurrency analyst, DonAlt, is cautioning that the rejection of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) could cause Bitcoin (BTC) to plummet by around 37%. DonAlt explains that if the ETF is denied, it would undermine the current consolidation phase and potentially push BTC back to the $27,000 to $28,000 range. On the other hand, the approval of a spot Bitcoin ETF in the U.S. may not necessarily lead to a bullish surge as many expect. Instead, it could result in a temporary spike followed by a slight decline towards the $38,000 range.
Bitcoin’s Current Trading Price
As of now, Bitcoin is trading at $42,796.
Hot Take: Potential Volatility Ahead for Bitcoin
The possibility of a spot Bitcoin ETF being rejected or approved by the SEC has significant implications for Bitcoin’s price. A denial could trigger a substantial decline of over 35%, while an approval may lead to short-term volatility with a potential spike followed by a slight pullback. These scenarios highlight the influence of regulatory decisions on cryptocurrency markets and emphasize the need for investors to closely monitor developments. As always, it’s important to stay informed and exercise caution when making investment decisions in this rapidly evolving industry.
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