Popular crypto analyst Don Alt has joined the cart of predictions regarding Discover Bitcoin ETFs. Don Alt recently took to social media platform
Even a price of $100,000 is not off the books, according to this analyst. The catalyst for this potential launch? The long-awaited approval of a Spot Bitcoin ETF in the US
Bitcoin’s Supersonic Rally to $60,000
Don Alt is known for accurately predicting Bitcoin price points in the past and correctly pinpointing the crypto’s lowest price in 2022. Now, Don Alt believes Bitcoin is poised for a massive price surge in the coming months, making it could increase enormously. up to $60,000.
It’s not news that this recent rally is due to the excitement surrounding the SEC’s approval of spot Bitcoin ETFs and the analyst believes this rally will continue to a price of $60,000. The digital currency is already up 121% since the beginning of the year and has broken multiple yearly highs in the past month.
The longer it takes for the SEC to approve filings, the higher the pending rally will continue. However, the analyst thought differently and took into account the likelihood of a price drop after the approval.
Don Alt said the approval could turn into a “sell the news moment,” implying there may be many more bears waiting to take advantage of the price rise to sell than the market thinks.
“Now that the ETF has been approved, things could get a little tricky. It might be a sell-the-news moment, or it might not. To be honest, I don’t know,” said Don Alt.
This reasoning is echoed by economist Peter Schiff warned of this approval of the Spot Bitcoin ETFs could lead to a Bitcoin price drop. Schiff also believes there could be a greater number of people sitting on their assets waiting for an opportunity to sell at a higher price.
Data from the chain shows that major investors have sold their shares in the face of profit-taking. Bitcoin whales and sharks have sold approximately 60,000 BTCworth about $2.2 billion in the past week.
Bitcoin price to $100,000?
Don Alt dismissed bearish sentiments, especially those waiting for Bitcoin to pull back to $12,000. “BTC is more likely to go to $100,000 here than to go back to $12,000,” he said.
The SEC is ready to decide on 12 ETF applications by November 17, although these may not be approved until January 2024.
As of this writing, Bitcoin’s rally has slowed and its value has consolidated just below and above the $37,000 price.
BTC maintains support above $36,400 | Source: BTCUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com