Crypto DonAlt is one of the analysts who predicted the current Bitcoin bull run. The trader is now back with another projection that puts into account the good and the bad of the Bitcoin market.
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Bitcoin Bull Run Following Familiar Trend
While sharing his sentiments on this YouTube channel, DonAlt said that based on historical market movements, the current BTC price movement is following a similar pattern as happened in 2018 and 2021.
Armed with these facts, the analyst expects Bitcoin bull run to continue and possibly put the coin’s price somewhere around $60,000 before the steam dies down.
ETF Already Priced In
However, DonAlt has a caveat on BTC price, saying that the Bitcoin bull run is fueled by rumors and expectations of the possible approval of Bitcoin spot ETFs in the coming months. As a matter of fact, a lot of people, including DonAlt, think that SEC could approval an ETF in January 2024.
In his opinion, people and Bitcoiners in general shouldn’t expect much price movement after ETF approval. He’s of the opinion that the Bitcoin has already priced in the possible reaction that would otherwise be expected after ETF approval. In that case, any industry buzz after ETF approval will be just a “sell the news event” that will struggle to cause any movement.
According to the analyst, the only way price would be expected to have significant movement after ETF approval is if BTC traded at $25k right now – but that is not happening. The Bitcoin bull run has sent the price to the high levels of over $40k – current at around $42k.
Bears Could Be Charging Soon
In the case of an intense “sell the news event,” the analyst says that BTC price would have to retrace to the lows of around $35k before picking up moment and trending upwards again.
Numerous popular and influential entities have thrown their weight behind Bitcoin. Just recently, Binance CEO praised Bitcoin as a great invention. Respected investor Robert Kiyosaki has been pushing people to buy Bitcoin as a means to freedom.
