Here’s the ‘Best Thing’ That Could Happen to Bitcoin After Potential ETF Approval, According to Top Analyst
A prominent analyst who accurately predicted the cryptocurrency market’s surge at the beginning of the year is now sharing his views on the best course of action for Bitcoin, should spot market BTC exchange-traded fund applications (ETF) be approved.
According to the analyst, known as DonAlt, a prolonged period of consolidation would be the healthiest outcome for Bitcoin following a potential ETF approval. Despite expecting a sell-off initially, he doesn’t foresee Bitcoin plummeting below $20,000.
While some have speculated that Bitcoin could surge to new all-time highs, DonAlt finds this outcome unlikely given the recent bear market. However, he also dismisses the idea that Bitcoin will experience a significant drop, remarking that such predictions are baseless.
Instead, the analyst suggests that a lengthy consolidation period throughout 2024 would be the most probable and beneficial outcome for Bitcoin. If the price of Bitcoin remained within a wide range in the first few months of the year, without hitting new all-time highs, it would be a positive sign for the long-term success of the cryptocurrency.
DonAlt goes on to explain that a sideways movement in the price, around the $40,000 range in Q1, would be extremely bullish for the market. This scenario would indicate that Bitcoin is building a strong foundation for future growth.
Additionally, the analyst predicts that Bitcoin will reach $60,000 in the coming year, but he doesn’t believe it will break past this resistance level in one swift move.
As of now, BTC is valued at $42,097.
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