Bitcoin About To Witness Bear Capitulation As Spot Market BTC ETF Decision Looms: Top Analyst
A trader who nailed the top of Bitcoin’s (BTC) 2021 bull market believes that the crypto king will make the staunchest of bears capitulate.
Pseudonymous analyst Pentoshi tells his 717,200 followers on the social media platform X that the U.S. Securities and Exchange Commission (SEC) has a little over a month to decide on a slew of spot market Bitcoin exchange-traded fund (ETF) applications.
A Bloomberg analyst previously noted that the SEC is gearing up to approve all bids for spot-based Bitcoin ETFs in January.
According to Pentoshi, BTC will likely witness more rallies in the coming weeks that will make even the bearish Bitcoin traders hop in on the top cryptocurrency.
“40 Days until the BTC ETF.
The denialists have not had the best of times in the past months. It’s fair to assume we get another large move up as we get closer and those who have faded, and watched in complete agony since the lows capitulate in. Capitulation works both ways.”
Pentoshi is not the only analyst who’s bullish on Bitcoin. Pseudonymous analyst Kaleo shares a chart that shows BTC rallying to as high as $45,000 in the coming days.
“$40,000 is still a magnet.”
Although Kaleo thinks that Bitcoin will soar above $40,000 with ease, Pentoshi believes that BTC will likely witness some resistance around $42,000.
“The $40,000-$42,000 area for BTC I’m guessing will be a little challenging. But if you road up here and maintained your conviction, good job. This is one of the times where game theory I think was super helpful in maintaining that conviction and almost a free ride.”
At time of writing, Bitcoin is trading for $39,522.
Generated Image: Midjourney