In an environment where concerns about the SEC’s spot Bitcoin ETF decision are growing, although the general downturn in the cryptocurrency market has given way to an increase, warnings continue to come. Experienced cryptocurrency analyst Michael van de Poppe emphasized that volatility in altcoins could increase during the SEC’s spot Bitcoin ETF decision period and could confront investors with a challenging process, advising caution.
Shedding Light on the Impact of the Spot Bitcoin ETF on Altcoins
According to Michael van de Poppe, a closely followed figure by crypto investors, the main reason for the pain altcoins are experiencing today is the upcoming spot Bitcoin ETF decision. The analyst believes that as investors’ focus shifts to Bitcoin, altcoins will continue to lose ground for a while longer. According to Poppe, after the ETF decision, momentum could potentially return to altcoins.
Poppe also highlighted that the price drops in some of the most distinguished altcoins, including ETH, XRP, and SOL, could be curating the chaos that potentially points to market sentiments evolving towards a Bitcoin ETF approval.
The analyst also drew attention to Bitcoin’s market dynamics, noting that it is in consolidation mode and expecting it to rise to $48-51 thousand once it exits this mode, adding that this range would be a good selling point.
Current Bitcoin Price Situation Ahead of ETF Decision
The largest cryptocurrency, Bitcoin, has seen a 1.53% increase over the last 24 hours, trading at $44,781. Current data indicates a 5.04% growth over the weekly timeframe and a 2.67% increase over the month.
The majority of the 13 companies that have applied for an ETF have submitted the final version of their S-1 form to the SEC, and BlackRock’s announcement of purchasing $10 million worth of BTC for the fund has increased volatility in the largest cryptocurrency. Experts believe that the increase in volatility and the price approaching the $45 thousand level suggest that if the SEC approves, the rise will gain momentum.
