Famed crypto analyst DonAlt predicts a possible surge that may take Bitcoin BTC/USD to the $60,000 mark.
DonAlt has been generating considerable buzz with this prediction, expressing an unwavering bullish outlook on Bitcoin. He believes that the cryptocurrency is about to go “supersonic,” reported Binance.
The analyst attributes his optimism to the potential approval of a spot-based Bitcoin exchange-traded fund (ETF). He posits that the anticipation surrounding the ETF approval is keeping the Bitcoin bulls in control.
“If a spot Bitcoin ETF gets the green light, it might turn into a chance to sell,” DonAlt specified.
The delay in the ETF decision might in fact push the Bitcoin price even higher as holders are reluctant to sell until the approval materializes. DonAlt also dismissed bearish sentiments expecting Bitcoin to drop to $12,000.
He argued, “BTC is more likely to go to $100,000 here than it is to go back to $12,000.”
As these predictions create waves in the crypto world, investors are eagerly watching for key developments, including the much-awaited ETF decision.
Why It Matters: BlackRock, the world's largest asset manager, expects the U.S. Securities and Exchange Commission (SEC) to greenlight its spot Bitcoin exchange-traded fund (ETF) application by January 2024.
The SEC is slated to make decisions on twelve ETFs by Nov. 17, setting an eight-day window for the decision, according to leading analysts. Bloomberg's James Seyffart and Eric Balchunas, experts in the field, believe that the decisions are imminent and maintain a 90% probability of approval by January 10, 2024.
Read Next: Discover the compelling reasons behind the staggering $110.5 million price tag of this painting and explore the world of high-value art investments. Don’t miss out on the opportunity to understand the art market dynamics.
Photo via Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
