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Bitcoin Spot ETF: Analyst Predicts 2 Scenarios For Price Beforehand

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

2 Major Scenarios For Bitcoin Price

CryptoQuant, a well-known cryptocurrency expert, has revealed 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).

The analyst’s prediction delves into Bitcoin price support and resistance analysis. CryptoQuant’s forecast was based on on-chain data of the average unit price of BTC holders.

The post read:

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.

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. This suggests “an overheated market and reinforces a correction.”

The analyst asserted that the $48,500 price mark is the “average unit price” for holders between 2-3 years. In addition, a primary resistance can also be formed at this level.

Meanwhile, for the bearish scenario, CryptoQuant noted a drop in Bitcoin price 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.

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.

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 “unnecessary.”

BTC Price Dip After Approval Outcome

Institutional trading analyst MacroScope has forecasted a price dip for Bitcoin following the ETF approval outcome. “We know there will be a dip at some point after approval,” MacroScope stated.

The analyst further added that the dip could take place a day or week after the outcome. However, he asserted that the exact timeframe is “hard to predict, but it should surprise no one.”

MacroScope also highlighted a few factors to watch out for during the dip. The expert noted that “once the dip stabilizes, the next upward move could be a ripper.”

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.

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

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