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Amid much hype around the approval of spot Bitcoin ETF (exchange traded fund), the Bitcoin (BTC) Price displayed significant volatility in the last 7 days. This also coincided with big whale moves involving hundreds of BTC, in what could be a potential indication of a minor dip incoming for the top cryptocurrency.
Also Read: Ark Invest, 21Shares File Another Amendment To Bitcoin ETF Filing
Bitcoin Price Consolidation Incoming?
The narrative for BTC Price momentum in the next quarter would likely be set if and when the U.S. Securities and Exchange Commission (SEC) gives the green light for the Bitcoin ETF approval. The Commission is expected to make the announcement for spot ETF approvals before the tentative deadline of January 10, 2023. In this context, Dan McDermitt, a crypto analyst, predicted that BTC price would follow a consolidation pattern between the support at $40,000 and resistance at $44,000 going into the new year 2024.
As was seen around major macro events like the US Federal Reserve’s interest rate announcements, the top cryptocurrency could likely trade closer to the support range of $40,000 between January 6-10. The analyst also warned that altcoins could come into picture in this scenario, as consolidation in Bitcoin price pattern means other coins picking up. In the last few days, the Chainlink Price (LINK) and Litecoin Price (LTC) signs of volatility, in what could be early signs of an altcoin rally. Hence, investors and traders could likely take a cautious approach in the lead up to the January 10, 2024 deadline.
Also Read: Canadian Crypto Exchange Catalyx Temporarily Suspends Trading, Withdrawals
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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