A Bearish Scenario for Bitcoin: Analyst Predicts Possible Nosedive
An analyst known as DonAlt is sharing a bearish scenario for Bitcoin (BTC) following the potential approval of a spot market BTC exchange-traded fund (ETF). According to DonAlt, if your entry position is worse than $32,000, you may have to endure some pain as Bitcoin could potentially collapse by more than 25%. The analyst suggests that a retest of $32,000 is likely. However, DonAlt also acknowledges the possibility of Bitcoin soaring to $60,000 without pulling back to lower levels. He predicts that after the approval of spot market BTC ETFs, Bitcoin will revisit the lower $30,000 range before determining its bullish or bearish direction.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $43,869 with a slight increase in the last 24 hours.
Hot Take: Potential Nosedive Ahead
A popular crypto analyst presents a bearish scenario for Bitcoin, suggesting the possibility of a significant nosedive after the approval of spot market BTC ETFs. According to the analyst, if your entry position is worse than $32,000, you might experience some pain as Bitcoin could collapse by more than 25%. However, there’s also a chance for Bitcoin to reach $60,000 without any pullbacks. The analyst predicts that Bitcoin will revisit the lower $30,000 range after the ETF approval before deciding its future direction. Currently trading at $43,869, Bitcoin’s next move remains uncertain.
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