December 24, 2023 11:55 AM | 2 min read
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King of cryptocurrency Bitcoin (CRYPTO: BTC) has had a stunning bull run in 2023. Anticipating approval for Bitcoin ETF, the cryptocurrency’s market capitalization has surged 164% in 2023 so far, which is an increase of $539 billion.
Now, a leading cryptocurrency trader thinks there is a possibility of a considerable drop in Bitcoin value.
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What Happened: Renowned cryptocurrency expert DonAlt asserts that the sanctioning of a spot-based Bitcoin ETF could result in heightened Bitcoin price fluctuations.
DonAlt anticipates that Bitcoin might briefly rally following the ETF news, but a significant correction would ensue.
“I think the news is going to be a sell-the-news event. You might just wick, like maybe we wick to the upside on the ETF announcement toward $45,000, $46,000, $47,000 maybe $48,000 something like that,” he said.
“Then I could see a 10%, 20% or 30% weekly wick to the downside,” he added, saying that the Bitcoin ETF approval could actually be a “sell-the-news” event.
See Also: Memecoin Madness: Solana Degen Turns $92 Into $1.5M In 16 Days Trading Silly Token
Despite predicting a sharp dip after the ETF approval, DonAlt maintains that the entities backing the ETFs could drive Bitcoin’s subsequent ascent.
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He argued that major firms such as BlackRock Inc. (NYSE:BLK) wouldn’t let the cryptocurrency fade post-ETF announcement and might acquire Bitcoin in bulk to prevent it from becoming a “complete joke.”
Why It Matters: The potential approval of Bitcoin ETFs has been a hot topic in the crypto community recently.
The remarkable 160% surge in Bitcoin’s market capitalization in 2023 was fuelled by investor optimism around this possibility. The decision, expected by Jan. 10, might trigger a “demand shock” in the market, according to MicroStrategy co-founder Michael Saylor.
The long-awaited launch of the spot Bitcoin ETF is nearing, stirring significant anticipation and strategic planning in the cryptocurrency market.
Considering these factors, the predicted correction post-ETF approval could be a pivotal event in the cryptocurrency market, potentially impacting Bitcoin’s future trajectory.
Price Action: At the time of writing, BTC was trading at $43,616.73, up 0.05% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Surge Post Jobless Claims Data
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo by BUTENKOV ALEKSEI on Shutterstock
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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