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In the crypto market, experts continue to warn that the likelihood of Bitcoin reacting sharply to the approval of spot Bitcoin ETF applications by the United States Securities and Exchange Commission (SEC) is low. Trading firm QCP Capital emphasized in a market update shared on January 10 that there was no upward volatility in Bitcoin prices.
What to Expect for Bitcoin?
After a computer hacker published a fake official approval related to the first US spot Bitcoin ETF, significant selling pressure occurred in Bitcoin prices overnight. It was officially announced by platform representatives that the post shared via the official SEC X account was the result of a hack attack known as a SIM swap attack:
“We can confirm that two-factor authentication was not active at the time the account was compromised.”
Following the incident, the SEC retracted the post and issued a denial. During this time, the BTC/USD pair managed to approach the $48,000 level but encountered selling pressure after the developments. For QCP Capital analysts, this situation has broader implications, and even after the official approval process, Bitcoin investors may now remain indifferent to the issue. The company made the following statements on its official Telegram page:
“The initial reaction to the approval remained quiet due to Bitcoin’s inability to break out of the resistance area. We take this as a warning sign that an approval is mostly priced in and there may not be a big rally post-approval.”
QCP analysts shared with their followers that considering the deadline for the ARK Invest ETF application was January 10, some kind of approval was expected:
“Given that the Ark21 application period ended today and historically the SEC has approved all ETF applications at the same time, an announcement tonight is likely.”
Noteworthy Predictions in the Process
When it comes to recent rises in the Bitcoin chart, the $48,000 level has become a consensus among Bitcoin investors. What will happen after these developments has sparked a debate. Some analysts suggest that Bitcoin’s price will continue to move sideways, while more pessimistic analysts consider a significant correction to $35,000 or even lower.
Among the most striking downward predictions is the forecast by popular investor and analyst Il Capo of Crypto, who foresees a pullback to the $12,000 level for Bitcoin in the coming period. While notable predictions about the Bitcoin price continue to be shared in the market, at the time of writing, Bitcoin continues to trade at $45,131.
