According to crypto analyst WhaleWire, an overwhelming majority within the cryptocurrency community firmly believe that a spot Bitcoin exchange-traded fund (ETF) is on the verge of being approved by the U.S. Securities and Exchange Commission (SEC). With Bitcoin currently sitting near its second-highest peak ever, investors seem convinced that SEC authorization of a spot Bitcoin ETF is imminent, likely to occur as early as this week.
However, WhaleWire strongly disputes this narrative, arguing that approval is very unlikely to actually happen. He accuses “corrupt Wall Street and Mainstream Media” of deliberately deceiving retail traders into purchasing Bitcoin at overinflated prices under false assumptions.
Dire Warnings of a Coming Market Crash
Once the anticipated ETF approval gets denied, WhaleWire warns that greed will quickly evaporate, leading to a momentous Bitcoin price crash. He dismisses suggestions that Bitcoin won’t fall below $40,000, $30,000 or even $20,000 again, adamantly countering that current valuation ranges remain grossly overvalued. In his view, a rapid plunge through these major support levels is inevitable rather than doubtful.
WhaleWire points out that speculative hype around an impending institutional investing influx via an SEC-approved Bitcoin ETF has built up for years now, well before many newer investors entered the crypto space. However, he argues that even if approved, such an ETF would have negligible real demand or price impact, citing negligible trading volumes for existing Bitcoin ETFs in Europe and Canada.
On the other hand, denial of approval would have an enormously detrimental impact, evaporating illusory speculative value and sending prices into freefall. WhaleWire urged investors, especially those overexposed to crypto, to learn from past mistakes and take profits rather than clinging onto false hopes. He recommended sitting out the impending storm by moving to the sidelines instead of making emotional investment decisions.
“Wall Street doesn’t like you. They have ulterior motives,” WhaleWire asserted bluntly. “If you’re overly invested into crypto, don’t make the same mistake as last time (2021 peak).”
You may also be interested in:
- Litecoin Dips 11% Alongside Other Altcoins, Analyst Says LTC Could Likely Plunge To This Level
- Why is MAV Price Up Today?
- Cardano (ADA)’s Exciting Future; Investments Surge in Polkadot (DOT) and Borroe Finance ($ROE)
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters