Deep Bitcoin Correction in January? Top Trader Unveils Most Bullish BTC Scenario After Potential ETF Approval

Bitcoin is facing the potential for a deep correction in January, according to a top trader who accurately predicted the crypto rally earlier this year. With the anticipation of the approval of spot market BTC exchange-traded funds (ETFs), market participants are eager to see how this will impact Bitcoin’s price. The trader, known as DonAlt, believes that the approval of a spot-based BTC ETF could result in increased volatility and a “sell-the-news” event. He suggests that Bitcoin could briefly rally towards $45,000-$48,000 after the announcement, only to experience a significant correction of 10%, 20%, or even 30% in the days following. However, DonAlt also believes that the companies behind the ETFs will contribute to the next bullish phase of Bitcoin, as it would be detrimental to their reputation if the cryptocurrency were to falter after their announcement. Despite these projections, it remains uncertain when the ETF will begin to have a notable impact on the market. Bitcoin is currently priced at $43,844.