Bitcoin (BTC) has excited investors with the expectation that at least one spot Bitcoin ETF will be approved in the US. Crypto analyst DonAlt suggests that if the US Securities and Exchange Commission (SEC) gives the green light to a spot Bitcoin exchange-traded fund (ETF), the largest cryptocurrency could revisit its record level in November 2021. The analyst expects the ETF approval to push Bitcoin into the range of $60,000 to $100,000.
Anonymous crypto analyst DonAlt, in a video published on the YouTube channel TechnicalRoundup, predicts that if a spot Bitcoin ETF is approved in the US, the value of Bitcoin could increase by over 100% from current levels. The analyst supports this expectation with the following comment:
If the ETF gets approved, I think $60,000 is a reasonable target. Of course, this is not a short-term target, but I believe this is where we will end up eventually. Bitcoin’s price will range between $60,000 as the bottom and $100,000 as the top.
Could Change the Narrative Completely
DonAlt also discussed the impact of the approval of a spot Bitcoin ETF on the overall crypto market. Emphasizing that the ETF approval would trigger a strong change in the narrative, he stated the following:
The approval of the ETF will lead to a strong fundamental change in the market narrative. An ETF approval will be a kind of continuation signal for the crypto market. This continuation signal from the US government will bring more legitimacy to the crypto market.
According to DonAlt, it is not possible for Bitcoin to return to its November 2022 lows unless a scenario where the world’s largest crypto exchange, Binance, collapses:
If you don’t think Binance will collapse, I don’t think Bitcoin will return to the $16,000 levels. If Binance doesn’t collapse, the likelihood of a return to $16,000 is very low. However, if Binance collapses, there may be buying opportunities at levels around $12,000. I believe this will be the maximum bottom level and I predict it will not go lower.
