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Crypto investors closely follow many analysts, and one has issued a significant warning. After Bitcoin‘s price surpassed $45,000 and then weakened due to strong profit-taking, it has reclaimed $44,000 today. So, what does the analyst expect next?
Expert Opinion on Bitcoin
The analyst known as Credible Crypto is followed by hundreds of thousands of investors. In his latest market assessment, he emphasized that he sees strong signals for further increases. According to him, there are clues indicating a rise on both the spot and futures sides.
According to the analyst, the price of BTC will move impressively upward with the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission.
“No change in BTC and it couldn’t be clearer. Ignore the lower time frames below the daily ones and zoom out. The picture is quite clear.
Price is making higher lows and higher highs with tight consolidation.
Open interest is at the lowest levels throughout the consolidation.
While perpetual futures turn negative to show a premium over spot trades, funding has reset.
All this points to a period where leveraged players are cleared out, funding is at a basic level, and spot is driving the markets towards the most bullish fundamental catalyst of the last few years. We will literally see a bubble-free explosion. Don’t overcomplicate it, BTC is going up.”
How Much Will BTC Be Worth?
Many analysts have voiced that with the clearing of open positions, the bubble in the price has been removed and larger peaks are being targeted. Credible is one of them, but we could see a short-term pullback. The analyst, who shared the bullish sentiment above, wrote the following about short-term performance;
“We didn’t go down to $40,000, and the price gap at $38,000 wasn’t filled, and I expect it to stay that way.
Ideally, we get some chain consolidation leading up to the ETF approval, and then we start.”
If the $45,500 resistance proves challenging, the analyst says there could be a drop to $40,000. For now, investors are assuming that the approval will come on Wednesday and that Spot Bitcoin ETF volumes will exceed $1 billion on the first day. If correct about the approval and volumes, BTC could embark on a journey that will last several months and target its previous peak.
