• Bitcoin (BTC) is consolidating around $29,000 and its volatility has hit new multi-year lows.
• A trader anticipates that an upcoming BTC correction to $26,000 could lead to panic in the market before resuming the uptrend to $36,000.
• Altcoins are expected to experience a robust upward trend in 2024-2025.
BTC Price Consolidation and Volatility
The world’s largest cryptocurrency Bitcoin (BTC) has been consolidating around $29,000 for a while and lacking enough ammo for any further price action ahead. The Bitcoin price volatility has hit new multi-year lows with analysts waiting for the next move. Currently, Bitcoin (BTC) has failed to move past $30,000 after multiple attempts with analysts expecting the BTC price to move lower towards $26,000.
Correction To Lead To Panic
A trader anticipates that an upcoming Bitcoin (BTC) correction might distract people from the broader context and lead them to react excessively. Inmortal, a trader with 195,300 followers on Twitter, suggests that Bitcoin could potentially experience a drop to around $26,000 by the end of this month. “Look, in the next dip people will panic. But it will only be another macro higher low,“ he noted. This potential price drop may be caused by news of delays in approving spot-based Bitcoin exchange-traded funds (ETFs).
Opportunity To Accumulate For Long Term
Inmortal suggests that although the corrective move would induce fear in the market, it would also set up the base for the BTC price for a surge to $36,500. The analyst also explains that this price drop would be a good time to accumulate for long-term Bitcoin investors. Inmortal notes that although this corrective move might create panic initially but it shall also create an opportunity for long term investors who want to accumulate bitcoin at lower prices as part of their investment strategy..
Altcoins Uptrend Anticipated
Inmortal suggests that altcoins are expected to experience a robust upward trend in 2024 and 2025 adding “Now that the price is going in slow motion don’t worry about it go enjoy summer And get ready because in 2024-2025 we will be up all night trading sh**coins.“ The crypto strategist believes these delays could prompt traders to exit their positions before regulatory approval of a Bitcoin ETF takes place..
SEC Unlikely To Approve ETF Soon
It’s unlikely that the U.S Securities and Exchange Commission (SEC) will approve a Bitcoin exchange-traded fund (ETF) focused on spot markets anytime soon as SEC continues its review process of submitted applications by major companies such as VanEck & SolidX along with other applicants like Wilshire Phoenix Funds LLC..
