Investor highlights opportune moment to purchase BTC prior to expansion
Investor and cryptanalyst Rekt Capital predicts that Bitcoin’s price could experience a drop to $37,000 in the near future. According to Rekt Capital, a decline of more than $5,000 from its current level would actually be a positive development for the cryptocurrency. This is because Bitcoin has historically seen similar price movements, and they have ultimately contributed to the overall health of the crypto market. Furthermore, as the Bitcoin halving event approaches, any deeper corrections during this period could present excellent buying opportunities for investors.
At present, Bitcoin is trading at $42,500. Over the past year, the leading cryptocurrency has surged by almost 160%, starting from a price of $16,600 at the beginning of last year. However, Bitcoin has not experienced significant price fluctuations in the past month.
In addition to Rekt Capital’s analysis, QCP Capital analysts have also commented on the potential decline in Bitcoin’s price in January. They anticipate the launch of the first spot Bitcoin exchange-traded fund (ETF) within the next three weeks. The approval for this ETF could be announced on either January 5 or between January 8 and 10, 2024.
Several companies, including Bitwise, Valkyrie, Fidelity Investments, ARK Invest, Grayscale, and others, are eagerly awaiting approval for their applications for spot Bitcoin ETFs from the Securities and Exchange Commission. The regulator is expected to make a decision on these applications in January.
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