Last year, a top-level analyst who accurately captured the rise of cryptocurrency, declared that Bitcoin‘s (BTC) venture into uncharted waters could be an opportunity for long-term investors despite significant pullbacks.
Effects of ETF on Bitcoin
Known as DonAlt, the cryptocurrency analyst indicated through his YouTube platform that the recent rapid rise of meme tokens suggests an impending major correction for Bitcoin. While expecting a pullback in Bitcoin, DonAlt claimed that exchange-traded fund (ETF) investors in the spot market could expedite the retreat of BTC. The senior analyst stated:
Meme tokens are surging so wildly, I think we’ll be quick and this could easily lead to a significant pullback… If we experience a big pullback, I’d wager it will be between $45,000 and $50,000… I believe this could happen due to the froth levels we’ve reached, but also because we’re in a new paradigm with ETFs, as strange as it sounds. Bitcoin now has a completely new investor base, and they are indeed investors.
Long-Term Expectations for BTC
According to the seasoned cryptocurrency analyst, any Bitcoin pullback at this point could be a gift for long-term investors. The expert commented on the matter:
I’m not worried because if it pulls back a bit and I can buy some altcoins, I’ll be happy. That’s what I want to do: buy some on the rise. Dogecoin is smiling at me… The problem is, it may not pull back, and then I’ll miss out, but that’s the way it is. Bitcoin is at a resistance level, a really critical one, like if we’re talking monthly, we’re there for the third time. So it doesn’t make sense for a crypto bear like Capo to say ‘This is the peak and now it will crash.’ I think if there’s a downturn and we get a bigger pullback gift, that’s what you’ll want to buy and then hold onto for a while longer.
At the time of writing, the leading cryptocurrency, Bitcoin, is trading at $68,032, just a few points shy of breaking its all-time high.
