Popular crypto analyst Don Alt has joined the prediction cart belonging to bitcoin-etf-approval-this-week/” rel=”nofollow”>bitcoin Spot ETF. Don Alt recently took to social media platform
Even a price of $100,000 is not out of the question, according to this analyst. The catalyst for this potential takeoff? The long-awaited approval of a bitcoin Spot ETF in the US
bitcoin‘s supersonic rally to $60,000
Don Alt is known for accurately predicting bitcoin prices in the past and correctly identified the cryptocurrency’s lowest price in 2022. Now, Don Alt believes bitcoin is primed for a massive price surge in the coming months that could skyrocket it. . at $60,000.
It is nothing new that this recent demonstration It is due to the excitement around the SEC approval of bitcoin spot ETFs and the analyst believes this rally will continue until a price of $60,000. The digital currency is already up 121% since the beginning of the year and has surpassed several yearly highs in the last month.
The longer the SEC takes to approve applications, the greater the anticipation of the rally. However, the analyst took a different line of thinking and considered the likelihood of a price drop after approval.
Don Alt mentioned that the approval could become a “time to sell the news”, implying that there could be many more bears waiting to take advantage of the price jump to sell than the market thinks.
“Now, once the ETF is approved, things could get a little complicated. It might be a “sell the news” moment, or it might not. To be honest, I don’t know,” Don Alt said.
This line of reasoning resonates with economist Peter Schiff, who warned that the approval of bitcoin Spot ETFs could cause a drop in the price of bitcoin. Schiff also believes there could be a greater number of people holding onto their assets in anticipation of an opportunity to sell them at a higher price.
On-chain data shows that large investors have been selling in light of profit taking. bitcoin whales and sharks They have sold around 60,000 btcvalued at about $2.2 billion last week.
bitcoin price at $100,000?
Don Alt dismissed bearish sentiments, particularly those expecting a bitcoin pullback to $12,000. “btc is more likely to hit $100,000 here than $12,000,” he said.
The SEC is programmed to decide about 12 ETF applications by November 17, although they may not be approved until January 2024.
At the time of writing, bitcoin‘s rally has slowed and the asset has consolidated just below and above the $37,000 price.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/wvWoPmrD/" alt="Tradingview.com bitcoin Price Chart (bitcoin Spot ETF)” width=”2650″ height=”1742″ loading=”lazy”/>
btc maintains support above $36,400 | Source: BTCUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
