{"id":34581,"date":"2023-12-28T23:52:38","date_gmt":"2023-12-29T03:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34581"},"modified":"2023-12-28T23:52:38","modified_gmt":"2023-12-29T03:52:38","slug":"cryptoquant-sound-alarm-spot-bitcoin-etf-approval-may-trigger-drop-to-32000-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/28\/cryptoquant-sound-alarm-spot-bitcoin-etf-approval-may-trigger-drop-to-32000-heres-why\/","title":{"rendered":"CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\u2019s Why"},"content":{"rendered":"

A recent report<\/a> from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) could lead to a significant market event.<\/p>\n

This possibility arises amid the Bitcoin (BTC) price stabilizing above<\/a> $40,000, leaving many market participants sitting on substantial unrealized profits.<\/p>\n

The report by CryptoQuant particularly posits that this scenario could trigger a \u201csell the news\u201d event, historically linked to market corrections.<\/p>\n

Bitcoin Possible Drop To $32,000<\/h2>\n

CryptoQuant\u2019s analysis points to the current state of Bitcoin holders as a reason for the possible drop in BTC price when the approval of spot Bitcoin ETF happens.<\/p>\n

Particularly the short-term ones, experiencing unrealized profit margins of around 30%. According to CryptoQuant, such high-profit levels have often preceded price drops.<\/p>\n

Additionally, the report notes an uptick in selling activity from Bitcoin miners, adding to the potential sell pressure on BTC. This, combined with the market\u2019s anticipation of a spot Bitcoin ETF approval, could create a volatile environment, as highlighted by CryptoQuant.<\/p>\n

Based on CryptoQuant\u2019s analysis, during downturns within bullish markets, Bitcoin\u2019s value often falls back to the level where short-term investors have historically realized their prices.<\/p>\n

Considering this, the report suggests that in a scenario where \u201csell the news\u201d occurs, Bitcoin\u2019s value might see a downturn, with a possible dip to around \u201c$32,000.\u201d<\/p>\n

Contrasting Views And Support Levels Amid ETF Speculations<\/h2>\n

The conversation around a Bitcoin spot ETF\u2019s potential approval is not one-sided. Several analysts predict a positive outcome, with firms like Matrixport and prominent analysts like Michael van de Poppe suggesting that the approval could catapult Bitcoin\u2019s price to new highs.<\/p>\n

Matrixport anticipates that the approval of Bitcoin spot ETFs by the US SEC could drive BTC\u2019s value to around $50,000<\/a> in early 2024. Van de Poppe echoes this sentiment, foreseeing a potential rise to the $47,000-$50,000 range<\/a>.<\/p>\n

#Bitcoin<\/a> did test the lows, didn\u2019t take the liquidity beneath the lows.<\/p>\n

Anyway, correction seems over and pre-ETF we\u2019re likely to test $47-50K.<\/p>\n

Buy the dips. pic.twitter.com\/Ar4mqvYRjJ<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 19, 2023<\/a><\/p>\n

Additionally, while CryptoQuant predicts a possible drop to $32,000, other analysts\u2019 prediction of BTC bottom doesn\u2019t go that low. Analyst Ali, for instance, has highlighted a robust support zone between $37,150 and $38,360<\/a>.<\/p>\n

In case of a deeper correction, #Bitcoin<\/a> finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC<\/a>.<\/p>\n

Also, watch out for two resistance walls that could keep the #BTC<\/a> uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com\/NGm1XpMOLf<\/a><\/p>\n

\u2014 Ali (@ali_charts) December 11, 2023<\/a><\/p>\n

This range is reinforced by the activities of approximately 1.52 million addresses holding about 534,000 BTC. Notably, such a strong foundation of support might mitigate the risks of a drastic price fall even if a \u201csell the news\u201d event were to occur following the spot ETF approval.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

A recent report<\/a> from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) could lead to a significant market event.<\/p>\n

This possibility arises amid the Bitcoin (BTC) price stabilizing above<\/a> $40,000, leaving many market participants sitting on substantial unrealized profits.<\/p>\n

The report by CryptoQuant particularly posits that this scenario could trigger a \u201csell the news\u201d event, historically linked to market corrections.<\/p>\n

Bitcoin Possible Drop To $32,000<\/h2>\n

CryptoQuant\u2019s analysis points to the current state of Bitcoin holders as a reason for the possible drop in BTC price when the approval of spot Bitcoin ETF happens.<\/p>\n

Particularly the short-term ones, experiencing unrealized profit margins of around 30%. According to CryptoQuant, such high-profit levels have often preceded price drops.<\/p>\n

Additionally, the report notes an uptick in selling activity from Bitcoin miners, adding to the potential sell pressure on BTC. This, combined with the market\u2019s anticipation of a spot Bitcoin ETF approval, could create a volatile environment, as highlighted by CryptoQuant.<\/p>\n

Based on CryptoQuant\u2019s analysis, during downturns within bullish markets, Bitcoin\u2019s value often falls back to the level where short-term investors have historically realized their prices.<\/p>\n

Considering this, the report suggests that in a scenario where \u201csell the news\u201d occurs, Bitcoin\u2019s value might see a downturn, with a possible dip to around \u201c$32,000.\u201d<\/p>\n

Contrasting Views And Support Levels Amid ETF Speculations<\/h2>\n

The conversation around a Bitcoin spot ETF\u2019s potential approval is not one-sided. Several analysts predict a positive outcome, with firms like Matrixport and prominent analysts like Michael van de Poppe suggesting that the approval could catapult Bitcoin\u2019s price to new highs.<\/p>\n

Matrixport anticipates that the approval of Bitcoin spot ETFs by the US SEC could drive BTC\u2019s value to around $50,000<\/a> in early 2024. Van de Poppe echoes this sentiment, foreseeing a potential rise to the $47,000-$50,000 range<\/a>.<\/p>\n

#Bitcoin<\/a> did test the lows, didn\u2019t take the liquidity beneath the lows.<\/p>\n

Anyway, correction seems over and pre-ETF we\u2019re likely to test $47-50K.<\/p>\n

Buy the dips. pic.twitter.com\/Ar4mqvYRjJ<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 19, 2023<\/a><\/p>\n

Additionally, while CryptoQuant predicts a possible drop to $32,000, other analysts\u2019 prediction of BTC bottom doesn\u2019t go that low. Analyst Ali, for instance, has highlighted a robust support zone between $37,150 and $38,360<\/a>.<\/p>\n

In case of a deeper correction, #Bitcoin<\/a> finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC<\/a>.<\/p>\n

Also, watch out for two resistance walls that could keep the #BTC<\/a> uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com\/NGm1XpMOLf<\/a><\/p>\n

\u2014 Ali (@ali_charts) December 11, 2023<\/a><\/p>\n

This range is reinforced by the activities of approximately 1.52 million addresses holding about 534,000 BTC. Notably, such a strong foundation of support might mitigate the risks of a drastic price fall even if a \u201csell the news\u201d event were to occur following the spot ETF approval.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34581","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34581"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34581\/revisions"}],"predecessor-version":[{"id":34587,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34581\/revisions\/34587"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34581"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}