The cryptocurrency market is stagnating as investors await a critical Bitcoin ETF decision on January 10th. According to crypto analyst Ash Crypto, Bitcoin’s price is hovering around $44k based on expectations of approval or rejection of the proposed Bitcoin ETF.
The Potential Impact
As Ash Crypto explains, “If ETF gets approved, we can see quick pump to $48k – $52k. If ETF gets rejected or delayed, we will see a sudden Bitcoin dump to $38k or even lower.” So the ETF decision holds sway over Bitcoin’s next big price move.
Alts Bleeding Out
At the same time, altcoins are “dumping hard” for two key reasons according to the analyst. First, traders are taking profits in case the ETF gets rejected and the market crashes. Second, money is shifting into Bitcoin ahead of the imminent ETF decision and expectations that Bitcoin will “pump hard” on approval.
Despite current volatility tied to the event, Ash Crypto maintains a bullish long-term view: “I’m bullish on the market going into 2024-2025. ETF will get approved eventually, Bitcoin halving is coming, Interest rate cuts and market 4-year cycle says end of 2024 to mid-2025 is gonna be giga bullish for crypto.”
He believes new crypto millionaires will be minted in the next 12-18 months as adoption accelerates. His advice is to “Hold tight and don’t let any short term corrections shake you out.” For those who persevere, life-changing wealth lies ahead. “You will become a first millionaire in your family. Believe in yourself. Claim it,” the analyst concludes.
So while nerves are frazzled short-term, the long-term thesis remains strongly bullish as cryptocurrency heads towards mainstream adoption over the next several years. But in the immediate term, the singular focus is January 10 and anticipation of the decision that could rock Bitcoin and the broader crypto market.
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