It has been revealed the fact that Bitcoin correction is January could mean only one thing – accumulation time could be on its way! Check out more reports about this below.
Bitcoin correction could come in January
A cryptocurrency trader, DonAlt, who made a successful investment at the beginning of the year, has shared his perspective on Bitcoin’s future. He stated that the market is eagerly waiting for the approval of spot market BTC exchange-traded funds (ETFs) and believes that the approval of such an ETF could result in increased volatility in BTC.
DonAlt predicts that once the announcement is made, Bitcoin may briefly rally but will most likely experience a major correction in the days following the announcement.
“Let’s say the halving and the ETF can make this thing bullish. Even if that is the case, I think the news is going to be a sell-the-news event.
You might just wick, like maybe we wick to the upside on the ETF announcement toward $45,000, $46,000, $47,000 maybe $48,000 something like that. And then I could see a 10%, 20% or 30% weekly wick to the downside that gets basically eaten up, and then you go up.
That is the most bullish thing that I could see happen. I think that’s still quite unlikely based on the fact it’s going to take a while until the ETF really kicks in.”
DonAlt expects a deep correction after the SEC approves the spot BTC ETFs, but believes the investment vehicle companies will drive the next Bitcoin surge.
“The only counter-argument I could make to that is basically that it looks a little bit dumb for all of these companies like BlackRock if they announce an ETF and then Bitcoin just disappears.
So you could make an argument that they’re just going to buy a bunch basically to make this thing not look like a complete joke.”
Stay tuned for more news from the crypto space.
