As the Bitcoin Spot Exchange-Traded Fund (ETF) approval looms, CryptoQuant, a renowned crypto analyst, has made a bold prediction for the digital asset. The expert has outlined two major scenarios for Bitcoin in relation to the ETF. According to CryptoQuant, Bitcoin will experience both a bullish and bearish scenario before receiving approval from the United States Securities and Exchange Commission (SEC).
The analyst’s forecast is based on Bitcoin price support and resistance analysis, using on-chain data of the average unit price of Bitcoin holders. In the bullish scenario, CryptoQuant predicts that the percentage of daily to weekly holders will increase by 8% if Bitcoin reaches $48,500. This would indicate an overheated market and suggest a correction. The $48,500 price mark is the “average unit price” for holders between 2-3 years, and a primary resistance could be formed at this level.
In the bearish scenario, CryptoQuant anticipates a drop in Bitcoin price around 2-30% during its upswing. The crypto expert also suggests that Bitcoin could form a support level between $30,000 to $34,000 if the price drops. The average unit price for both the 18-month to two-year and one-week to one-month holding periods is $34,000, while the average unit price for the holding period of three to twelve months is $30,000.
As the Bitcoin Spot ETF approval approaches, CryptoQuant has warned the crypto community about the rising dangers and uncertainty, advising against taking on unnecessary risk.
Meanwhile, MacroScope, an institutional trading analyst, has forecasted a price dip for Bitcoin following the ETF approval outcome. The dip could occur a day or week after the outcome, but the exact timeframe is hard to predict. MacroScope advises watching for the dip to stabilize, as the next upward move could be significant. The expert also suggests allocating a starting position to not miss this turn.
At the time of writing, Bitcoin was trading at $46,860, indicating an increase of over 6% in the past day. Its trading volume has also significantly increased by over 70% in the past 24 hours, according to CoinMarketCap.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided entirely at your own risk.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Tradingview.com, CoinMarketCap, United States Securities and Exchange Commission, Bitcoin Spot Exchange-Traded Fund, NewsBTC |
| Currencies | Bitcoin |
| Securities | None |
