Bitcoin Price Consolidation Anticipated
The future trajectory of Bitcoin’s price is likely to be determined by the approval or rejection of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). The SEC is expected to announce its decision on spot ETF approvals by January 10, 2023. Crypto analyst Dan McDermitt predicts that BTC price will consolidate between $40,000 and $44,000 in the new year of 2024.
During significant macro events such as the US Federal Reserve’s interest rate announcements, Bitcoin tends to trade closer to the $40,000 support range. McDermitt also suggests that altcoins may gain traction during this consolidation phase as investors seek alternative opportunities. Recent volatility in Chainlink Price (LINK) and Litecoin Price (LTC) could be early indications of an upcoming altcoin rally. As a result, caution should be exercised by investors and traders leading up to the January 10, 2024 deadline.
Hot Take: Minor Dip Expected for Bitcoin
The approval of a spot Bitcoin ETF has caused significant excitement in the crypto market, resulting in volatile price movements for Bitcoin. Additionally, large-scale whale transactions suggest a potential minor dip for the top cryptocurrency. The outcome of the SEC’s decision on spot ETF approvals will play a crucial role in shaping Bitcoin’s future momentum. Therefore, it is essential for crypto enthusiasts to closely monitor developments and exercise caution during this period.
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