A top analyst says that the flagship crypto asset could revisit levels last recorded in November of 2021 if the U.S. Securities and Exchange Commission approves a spot Bitcoin (BTC) exchange-traded fund (ETF).
Pseudonymous analyst DonAlt tells 53,500 subscribers of the TechnicalRoundup YouTube channel that Bitcoin could appreciate by over 100% from the current level if a spot Bitcoin ETF is greenlighted in the US.
“I think $60,000 is a reasonable target if we get the ETF. Now obviously not in the short term, but that’s kind of where I think this could go. I think between $60,000 and $100,000 is the upper end.”
Bitcoin is trading at $28,448 at time of writing.
On what impact the approval of a spot Bitcoin ETF would have on the wider crypto market, the pseudonymous analyst says,
“It’s just a strong fundamental kind of shift in the narrative… if you get an ETF, that’s kind of like a go-ahead sign… it’s a little bit of a go-ahead sign from the US government which just gives this entire space a little bit more legitimacy.”
According to DonAlt, Bitcoin is unlikely to revisit the lows reached in November of 2022 unless the world’s largest crypto exchange by volumes, Binance, collapses.
“Unless you think Binance is going to go down, I don’t think there’s any way we manage to get back to $16,000. Like if Binance goes down, fair enough, then you get to buy like $12,000. I think that’s going to be the pico bottom, doesn’t go any lower than that.
But if Binance doesn’t go down, I don’t think we manage to get to $16,000. I think $20,000 is kind of crazy low at that point already.”
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