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Home»BITCOIN NEWS»Bitcoin will fall to 37K after rising 30% after ETF approval
BITCOIN NEWS

Bitcoin will fall to 37K after rising 30% after ETF approval

By Crypto FlexsDecember 20, 20233 Mins Read
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Bitcoin will fall to 37K after rising 30% after ETF approval
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The potential for significant price moves in Bitcoin is coming under scrutiny as seasoned options trader Jon Najarian shares his insights on the market. He specifically looked at the impact a spot Bitcoin ETF could have.

He believes that the introduction of such ETFs could trigger a significant surge in the top cryptocurrencies, with a notable increase of 25-30% estimated in as little as two days.

According to Najarian, who is also a CNBC contributor, investors appear to be proactively positioning themselves to take advantage of the positive market reaction expected once the ETF is established.

Will Bitcoin Fall to $37,000?

Examining the technical aspects, Najarian suggests a possible retracement scenario that would indicate a return to the $37,000 level. He cites a historical chart pattern where this particular price point acted as a significant barrier to an upward move.

Given this historical resistance, Najarian speculates that $37,000 could act as a key support level on the downside, providing a potential buffer against downward market pressure.

Najarian’s insights reflect a combination of fundamental expectations and technical analysis considerations regarding the impact of the BTC ETF, providing a comprehensive view of potential market movements.

BTC market cap currently at $838 billion. Chart: TradingView.com

Traders and investors can find value by considering both aspects while navigating the dynamic environment of the cryptocurrency market.

According to analysts, there is a potential catalyst that could propel Alpha Coin to a sudden parabolic surge. In a recent interview with trader Scott Melker, Najarian expressed confidence that U.S. stock exchanges would likely approve spot issuance of ETFs.

Optimistic about ETF approval

In Najarian’s view, this regulatory approval would act as a powerful trigger, allowing the leading cryptocurrency to achieve impressive gains of up to 30% in just two days.

He said:

“I think we could get a Bitcoin ETF. If that happens, Bitcoin will move 25% to 30% in two days. (…) I think we will go back down and test $37,000.”

Bitcoin supporters such as Jan3 CEO Samson Mow have predicted that the price of Bitcoin will rise to $1 million within “days to weeks” after the U.S. government approves a spot Bitcoin ETF.

The cryptocurrency industry is looking forward to the U.S. government’s approval of spot ETFs, but some analysts are warning that this could have an unintended impact on cryptocurrency exchanges.

Bloomberg ETF forecaster Eric Balchunas and ETF Store head Nate Geraci said the future for centralized Bitcoin exchanges is bleak.

blood what?

On December 17, Geraci described X, the platform that once was Twitter, as a “bloodbath” for Bitcoin exchanges if a potential spot Bitcoin ETF were allowed.

It will be a bloodbath for cryptocurrency exchanges…

— Nate Geraci (@NateGeraci) December 18, 2023

For example, JPMorgan Chase analysts said in September that they expected the SEC to approve several cash Bitcoin exchange-traded funds (ETFs) simultaneously. However, the investment bank issued a warning that spot Bitcoin ETFs could put significant downward pressure on the Bitcoin price.

Applications for 13 spot Bitcoin ETFs are still pending with the SEC. Gary Gensler, chairman of the securities regulator, announced last week that the organization was reviewing those files.

The idea of ​​a subsequent decline to the $37,000 level as the digital asset landscape changes serves as a warning about how unpredictable the market can be. Cryptocurrency fans and investors should look at these possible outcomes with a balanced perspective, considering both the short-term potential and long-term strengths of cryptocurrencies.

Featured image from Pixabay

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