A Stark Warning from DonAlt
A prominent cryptocurrency analyst, known as DonAlt, is warning of a potential impact a U.S. Securities and Exchange Commission (SEC) decision on a spot Bitcoin exchange-traded fund (ETF) may have. He suggests that if the SEC rejects the spot Bitcoin ETF, Bitcoin could plummet by approximately 37% from its current level.
If the SEC denies the ETF, DonAlt believes it could send Bitcoin’s price tumbling back to levels around $27,000 or $28,000. However, even if the SEC approves a spot Bitcoin ETF in the U.S., DonAlt speculates that this might not be entirely bullish for BTC.
Bitcoin at a Critical Juncture
At the time of writing, Bitcoin is trading at around $43,755, down 0.97% in the past 24-hour period. This price point serves as a critical juncture, according to DonAlt’s analysis, with the impending ETF decision poised to significantly influence Bitcoin’s value trajectory..
Positive Outlook for Cryptocurrency from Brian Kelly
Just recently, on 3 January 2024, Brian Kelly, a prominent cryptocurrency and financial investment expert, conveyed a positive outlook for the cryptocurrency market
He emphasized the significant advancements within the cryptocurrency ecosystem, particularly in decentralized exchanges and the activities in decentralized finance (DeFi) space.
Potential Impact of ETFs on Bitcoin
Regarding the potential impact of the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs, Kelly suggested that while there might be an initial sell-off, known as a “sell-the-news” event, the long-term outlook for Bitcoin remains positive. He believes that the adoption of Bitcoin in traditional finance sectors, especially through ETFs, will widen its investor base.
Hot Take
It’s interesting to note that while the approval of a spot Bitcoin ETF may lead to a short-term spike, potentially followed by a sell-off, the long-term outlook for Bitcoin remains promising, according to DonAlt and Brian Kelly.
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