{"id":34907,"date":"2024-01-09T11:54:02","date_gmt":"2024-01-09T15:54:02","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34907"},"modified":"2024-01-09T11:54:02","modified_gmt":"2024-01-09T15:54:02","slug":"bitcoin-spot-etf-analyst-predicts-2-scenarios-for-price-beforehand","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/09\/bitcoin-spot-etf-analyst-predicts-2-scenarios-for-price-beforehand\/","title":{"rendered":"Bitcoin Spot ETF: Analyst Predicts 2 Scenarios For Price Beforehand"},"content":{"rendered":"

Amid the anticipation circling the Bitcoin Spot Exchange-Traded Fund (ETF) approval<\/a>, crypto analyst CryptoQuant has made a bold prediction for the digital asset beforehand.<\/p>\n

2 Major Scenarios For Bitcoin Price<\/h2>\n

CryptoQuant, a well-known cryptocurrency expert, has revealed<\/a> two major scenarios for Bitcoin in advance to BTC Spot Exchange-Traded Fund (ETF). According to the analyst, BTC will undergo a bullish and bearish scenario before approval from the United States Securities and Exchange Commission (SEC).<\/p>\n

The analyst\u2019s prediction delves into Bitcoin price support and resistance analysis. CryptoQuant\u2019s forecast was based on on-chain data of the average unit price of BTC holders.<\/p>\n

The post read:<\/p>\n

2 Scenarios Before Bitcoin Spot ETF Approval and How to Respond. This post explains how to analyze the Bitcoin price support and resistance using on-chain data of the average unit price of #Bitcoin holders.<\/p>\n

For the bullish scenario, CryptoQuant noted that the percentage of daily to weekly holders is expected to increase by 8% if BTC reaches $48,500<\/a>. This suggests \u201can overheated market and reinforces a correction.\u201d<\/p>\n

The analyst asserted that the $48,500 price mark is the \u201caverage unit price\u201d for holders between 2-3 years. In addition, a primary resistance can also be formed at this level.<\/p>\n

Meanwhile, for the bearish scenario, CryptoQuant noted a drop in Bitcoin price<\/a> around 2-30% in the past during its upswing. The crypto expert also added that BTC could form a support level between $30,000 to $34,000 if the price plummets.<\/p>\n

Furthermore, CryptoQuant highlighted an average unit price of $34,000 for both the 18-month to two-year and one-week to one-month holding periods. Meanwhile, the average unit price for the holding period of three to twelve months is $30,000.<\/p>\n

So far, the expert has highlighted rising dangers and uncertainty as the approval outcome of the Bitcoin Spot ETF approaches. CryptoQuant has issued a warning to the crypto community not to take on the risk as this is \u201cunnecessary.\u201d<\/p>\n

BTC Price Dip After Approval Outcome<\/h2>\n

Institutional trading analyst MacroScope has forecasted<\/a> a price dip for Bitcoin following the ETF approval outcome. \u201cWe know there will be a dip at some point after approval,\u201d MacroScope stated.<\/p>\n

The analyst further added that the dip<\/a> could take place a day or week after the outcome. However, he asserted that the exact timeframe is \u201chard to predict, but it should surprise no one.\u201d<\/p>\n

MacroScope also highlighted a few factors to watch out for during the dip. The expert noted that \u201conce the dip stabilizes, the next upward move could be a ripper.\u201d<\/p>\n

In addition, billions of funds will be waiting for the turn, trying to time it just right. However, MacroScope has suggested allocating a starting position in order not to miss this turn.<\/p>\n

As of the time of writing, Bitcoin was trading at $46,860, indicating an increase of over 6% in the past day. Its trading volume is significantly up by over 70% in the past 24 hours, according to CoinMarketCap<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Amid the anticipation circling the Bitcoin Spot Exchange-Traded Fund (ETF) approval<\/a>, crypto analyst CryptoQuant has made a bold prediction for the digital asset beforehand.<\/p>\n

2 Major Scenarios For Bitcoin Price<\/h2>\n

CryptoQuant, a well-known cryptocurrency expert, has revealed<\/a> two major scenarios for Bitcoin in advance to BTC Spot Exchange-Traded Fund (ETF). According to the analyst, BTC will undergo a bullish and bearish scenario before approval from the United States Securities and Exchange Commission (SEC).<\/p>\n

The analyst\u2019s prediction delves into Bitcoin price support and resistance analysis. CryptoQuant\u2019s forecast was based on on-chain data of the average unit price of BTC holders.<\/p>\n

The post read:<\/p>\n

2 Scenarios Before Bitcoin Spot ETF Approval and How to Respond. This post explains how to analyze the Bitcoin price support and resistance using on-chain data of the average unit price of #Bitcoin holders.<\/p>\n

For the bullish scenario, CryptoQuant noted that the percentage of daily to weekly holders is expected to increase by 8% if BTC reaches $48,500<\/a>. This suggests \u201can overheated market and reinforces a correction.\u201d<\/p>\n

The analyst asserted that the $48,500 price mark is the \u201caverage unit price\u201d for holders between 2-3 years. In addition, a primary resistance can also be formed at this level.<\/p>\n

Meanwhile, for the bearish scenario, CryptoQuant noted a drop in Bitcoin price<\/a> around 2-30% in the past during its upswing. The crypto expert also added that BTC could form a support level between $30,000 to $34,000 if the price plummets.<\/p>\n

Furthermore, CryptoQuant highlighted an average unit price of $34,000 for both the 18-month to two-year and one-week to one-month holding periods. Meanwhile, the average unit price for the holding period of three to twelve months is $30,000.<\/p>\n

So far, the expert has highlighted rising dangers and uncertainty as the approval outcome of the Bitcoin Spot ETF approaches. CryptoQuant has issued a warning to the crypto community not to take on the risk as this is \u201cunnecessary.\u201d<\/p>\n

BTC Price Dip After Approval Outcome<\/h2>\n

Institutional trading analyst MacroScope has forecasted<\/a> a price dip for Bitcoin following the ETF approval outcome. \u201cWe know there will be a dip at some point after approval,\u201d MacroScope stated.<\/p>\n

The analyst further added that the dip<\/a> could take place a day or week after the outcome. However, he asserted that the exact timeframe is \u201chard to predict, but it should surprise no one.\u201d<\/p>\n

MacroScope also highlighted a few factors to watch out for during the dip. The expert noted that \u201conce the dip stabilizes, the next upward move could be a ripper.\u201d<\/p>\n

In addition, billions of funds will be waiting for the turn, trying to time it just right. However, MacroScope has suggested allocating a starting position in order not to miss this turn.<\/p>\n

As of the time of writing, Bitcoin was trading at $46,860, indicating an increase of over 6% in the past day. Its trading volume is significantly up by over 70% in the past 24 hours, according to CoinMarketCap<\/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-34907","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\/34907","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=34907"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34907\/revisions"}],"predecessor-version":[{"id":34915,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34907\/revisions\/34915"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34907"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}