A top crypto trader is revealing his forecast for the flagship crypto asset if a hotly anticipated Bitcoin (BTC) investment product gets the regulatory nod.
Pseudonymous analyst DonAlt tells 53,000 subscribers of the TechnicalRoundup YouTube channel that Bitcoin could rally modestly if a spot BTC exchange-traded fund (ETF) is authorized in the United States.
“If the ETF was approved, I think we’d just see like a candle like this [shooting up]… pretty much just straight up like 10%, 20% candle. And the aftermath would be interesting.
But you would basically get the same thing that we had here… so if you look in the five-minute chart, you had the Grayscale news come in and that was the result [a jump from around $26,000 to over $27,600 in under 30 minutes]…”
Earlier this week, a U.S. court unanimously ruled that the U.S. Securities and Exchange Commission (SEC) has to reconsider a Bitcoin ETF application by Grayscale, a move that coincided with BTC going up by over 5%.
DonAlt says that after Grayscale’s victory, the chances of a Bitcoin ETF getting approved are now close to 100%, albeit with inevitable delays.
“The good thing about yesterday is that the ETF seems to be pretty much a done deal to me.
There’s a very, very slim chance that it’s just going to be denied. I think it’s going to be delayed, delayed, delayed until it’s approved. That’s kind of my base case.”
Bitcoin is trading at $27,206 at time of writing.
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
