The Best Thing That Could Hit Bitcoin, Following Spot BTC ETF Approval

2023 is seeing its end and there are high hopes for Bitcoin for the next year. Here is the best thing that could happen to the king coin in 2024.

A well-known trader, who profited from the cryptocurrency market earlier this year, has shared his thoughts on the potential approval of Bitcoin exchange-traded fund (ETF) applications.

DonAlt, the anonymous analyst with more than 56,000 YouTube subscribers, believes that if the ETF is approved, it would be best for Bitcoin to experience a long period of consolidation.

He expects that the ETF announcement, which is scheduled for January 10th, will lead to a sell-off, but he doesn’t think that Bitcoin’s price will drop below $20,000.

“We might get the sell-the-news event thing but then we might just go sideways afterwards.

I’ve seen a bunch of people speculate on the market just going straight to all-time highs. And it seems a little far-fetched just based on where we are coming from like how this bear market was and what we went through.

But also I’ve seen a bunch of people target stupid low numbers, like ‘This is going below $20,000. It’s making new lows after the ETF.’ That’s just completely and utterly stupid, too.

So I think there’s going to be something in the middle, and I actually think the most likely outcome is just a very lengthy consolidation in 2024, which is the most boring but I think it would be the most healthy.”

DonAlt has highlighted that if Bitcoin trades in a wide range for the first few months of 2024 without hitting new all-time highs, it would be long-term bullish for BTC.

According to him, if the price oscillates around $40,000 and goes towards $35,000, $45,000, or even $50,000 and stays within that range in Q1, it would be the most bullish on the market.

However, he predicts that Bitcoin will hit $60,000 next year but BTC won’t be able to break that high-time frame resistance in one go.

Bitcoin is expected to explode in 2024 and we cannot wait to see what the future will bring.

Have a Happy New Year!