BasEx News: CryptoQuant ETF Approval & Bitcoin Price Forecast | BasEx
CryptoQuant: ETF Approval Could Adjust Bitcoin's Price to $32,000
31.12.2023
CryptoQuant: ETF Approval Could Adjust Bitcoin's Price to $32,000

The potential approval of a spot Bitcoin ETF in the US could lead to a "sell the news" scenario, resulting in significant pressure on the price of the primary cryptocurrency. This was reported by The Block, referencing a CryptoQuant report.

To support their thesis, analysts referred to data on the 'paper' profits of market participants after Bitcoin surpassed the $40,000 mark.

"Short-term Bitcoin holders have a high unrealized profit, at the level of 30%. Historically, this has preceded price corrections," states the report.

In addition to traders, miners are also 'in the green.' This is another potential bearish factor.

"In the last few weeks, we have seen an increase in sales among miners as the price remains above $40,000," the analysts noted.

According to experts, during corrections in bullish markets, Bitcoin gravitates towards the realized price of short-term holders. Considering this, in a 'sell the news' scenario, the decline could stop at around $32,000.

MN Trading founder Michael van de Poppe expressed the opinion that after a potential ETF approval, digital gold will reach a local maximum near $47,700. Then, the asset will move in a broad range with the lower boundary at around $38,000.

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