A Top Analyst Predicts Bear Capitulation as Bitcoin ETF Decision Nears
A prominent trader, known as Pentoshi, who accurately predicted the top of Bitcoin’s 2021 bull market, believes that even the most skeptical bears will soon capitulate. The U.S. Securities and Exchange Commission (SEC) has a little over a month to decide on several spot market Bitcoin exchange-traded fund (ETF) applications. According to Pentoshi, the approval of these ETFs in January will likely trigger more rallies in the coming weeks, enticing even bearish traders to invest in the top cryptocurrency.
An Optimistic Outlook for Bitcoin
Pentoshi is not the only analyst with a bullish outlook on Bitcoin. Another pseudonymous analyst named Kaleo shared a chart indicating that BTC could rally as high as $45,000 in the near future. Although Kaleo expects Bitcoin to easily surpass $40,000, Pentoshi predicts some resistance around $42,000. However, he believes that those who have held their conviction and maintained their investment up to this point will be rewarded.
The Current State of Bitcoin
At the time of writing, Bitcoin is trading at $39,522. The crypto market eagerly awaits the SEC’s decision on spot-based Bitcoin ETFs, which could have a significant impact on Bitcoin’s price movement in the coming weeks.
Hot Take: Bear Capitulation Imminent as Bitcoin ETF Decision Approaches
The anticipated approval of spot-based Bitcoin ETFs by the SEC is expected to lead to further rallies in the cryptocurrency market. Both Pentoshi and Kaleo are optimistic about Bitcoin’s future price trajectory and believe that even skeptical traders will eventually give in and invest in BTC. As we approach the decision date, it remains to be seen whether these predictions will come true. However, the potential for bear capitulation and a surge in Bitcoin’s price is certainly something to watch out for.
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