A popular analyst is outlining one bearish scenario for Bitcoin (BTC) after the possible approval of a spot market BTC exchange-traded fund (ETF).
Pseudonymous analyst DonAlt tells his 55,600 subscribers of the TechnicalRoundup YouTube channel that Bitcoin could collapse by more than 25% from its current value.
“If your position is worse than a $32,000 entry, you’re going to have to take some pain in my opinion. It’s more likely that you’re going get some pain and there’s a good chance that we’re going to retest $32,000 in my opinion.”
He also says if Bitcoin doesn’t pull back to retest lower levels, as he believes it will, Bitcoin could soar to $60,000.
“But it doesn’t have to happen. And that’s something that I try to say very clearly every time I talk about price. Because people always assume just because I’m like this could happen it means that it has to happen. But that’s not true. The market could just go to $60,000. Pull back to $48,000 and then go to $150,000. There’s always the possibility that it just never pulls back.”
The trader predicts Bitcoin will revisit the lower $30,000 range after a possible approval by the U.S. Securities and Exchange Commission (SEC) of spot market BTC exchange-traded funds, which could happen by early January.
“But in my opinion, just my personal opinion, I think it’s more likely than not that we’re going to retest the low $30,000s after the ETF and then basically decide whether we’re bullish or bearish from that point onwards.”
Bitcoin is trading for $43,869 at time of writing, up slightly in the last 24 hours.
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- Source: https://dailyhodl.com/2023/12/22/theres-a-good-chance-bitcoin-nosedives-by-over-25-according-to-top-crypto-analyst-here-are-his-targets/
