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How About a $100,000 Bitcoin Price?
The analyst refuted gloomy beliefs, namely those anticipating a Bitcoin retracement to $12,000. According to the individual, there is a higher probability of BTC reaching a value of $100,000 compared to it returning to a value of $12,000.
Literature Review: Esteemed Economist Cautions Against Potential Bitcoin Market Decline Preceding Approval of Spot Exchange-Traded Funds (ETFs)
The Securities and Exchange Commission (SEC) is scheduled to make determinations on twelve exchange-traded fund (ETF) applications by November 17th, with potential approval delays extending until January 2024.
As of the present moment, the upward momentum of Bitcoin has decelerated, resulting in the asset's consolidation slightly below and above the $37,000 threshold.
It is widely acknowledged that the current surge in market activity may be attributed to the enthusiasm generated by the Securities and Exchange Commission's endorsement of spot Bitcoin exchange-traded funds (ETFs). The expert opines that this upward trend is expected to last until the price of $60,000 is reached. The digital currency has had a significant increase of 121% since the commencement of the current year, and has surpassed many annual peaks within the previous month.
The prolongation of the Securities and Exchange Commission's (SEC) approval process for the applications is directly proportional to the upward trajectory of the rally, as market participants anticipate a positive outcome. Nevertheless, the analyst adopted an alternative perspective and deliberated on the probability of a fall in price subsequent to the acceptance.
Don Alt suggested that the clearance might potentially result in a phenomenon known as a "sell the news moment," indicating that there may be a larger number of bearish investors anticipating the price surge in order to liquidate their holdings than what is now seen by the market.
Following the approval of the ETF, the situation may get more complex. The occurrence in question has the potential to be a "sell-the-news" event, however this outcome is uncertain. Don Alt expressed uncertainty over the matter at hand.
This line of reasoning aligns with the perspective of economist Peter Schiff, who expressed caution on the potential impact of approving Spot Bitcoin ETFs on the price of Bitcoin, suggesting that it may result in a decrease. Schiff also posits that there may exist a greater proportion of individuals who are retaining their assets in expectation of a favorable market condition that would enable them to sell at a more advantageous price.
According to the data derived from on-chain sources, it is evident that significant investors have been engaging in the act of divestment as a result of pursuing profit-taking strategies. In the last week, a significant quantity of Bitcoin, around 60,000 BTC, equivalent to a value of approximately $2.2 billion, has been divested by prominent holders commonly referred to as "whales" and "sharks" in the cryptocurrency market.
#BTC #etf #BullRun
Literature Review: Esteemed Economist Cautions Against Potential Bitcoin Market Decline Preceding Approval of Spot Exchange-Traded Funds (ETFs)
The Securities and Exchange Commission (SEC) is scheduled to make determinations on twelve exchange-traded fund (ETF) applications by November 17th, with potential approval delays extending until January 2024.
As of the present moment, the upward momentum of Bitcoin has decelerated, resulting in the asset's consolidation slightly below and above the $37,000 threshold.
It is widely acknowledged that the current surge in market activity may be attributed to the enthusiasm generated by the Securities and Exchange Commission's endorsement of spot Bitcoin exchange-traded funds (ETFs). The expert opines that this upward trend is expected to last until the price of $60,000 is reached. The digital currency has had a significant increase of 121% since the commencement of the current year, and has surpassed many annual peaks within the previous month.
The prolongation of the Securities and Exchange Commission's (SEC) approval process for the applications is directly proportional to the upward trajectory of the rally, as market participants anticipate a positive outcome. Nevertheless, the analyst adopted an alternative perspective and deliberated on the probability of a fall in price subsequent to the acceptance.
Don Alt suggested that the clearance might potentially result in a phenomenon known as a "sell the news moment," indicating that there may be a larger number of bearish investors anticipating the price surge in order to liquidate their holdings than what is now seen by the market.
Following the approval of the ETF, the situation may get more complex. The occurrence in question has the potential to be a "sell-the-news" event, however this outcome is uncertain. Don Alt expressed uncertainty over the matter at hand.
This line of reasoning aligns with the perspective of economist Peter Schiff, who expressed caution on the potential impact of approving Spot Bitcoin ETFs on the price of Bitcoin, suggesting that it may result in a decrease. Schiff also posits that there may exist a greater proportion of individuals who are retaining their assets in expectation of a favorable market condition that would enable them to sell at a more advantageous price.
According to the data derived from on-chain sources, it is evident that significant investors have been engaging in the act of divestment as a result of pursuing profit-taking strategies. In the last week, a significant quantity of Bitcoin, around 60,000 BTC, equivalent to a value of approximately $2.2 billion, has been divested by prominent holders commonly referred to as "whales" and "sharks" in the cryptocurrency market.
#BTC #etf #BullRun
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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