A Prominent Crypto Trader Speculates a Positive Forecast for Bitcoin
A leading figure in the cryptocurrency trading scene is publicly sharing his prediction for the trajectory of Bitcoin (BTC), the preeminent cryptocurrency, in the event of the approval of a much-anticipated Bitcoin investment vehicle. This news comes in light of the increasing likelihood of a Bitcoin ETF’s authorization in the U.S.
An Optimistic Outlook from Pseudonymous Analyst ‘DonAlt’
Known only by his pseudonym ‘DonAlt’, this crypto trader frequently shares his analyses and predictions with a large subscriber base of 53,000 on the TechnicalRoundup YouTube channel. In a recent post, DonAlt optimistically apprised that a surge in Bitcoin value would likely follow the approval of a spot BTC exchange-traded fund (ETF) in the U.S.
“If the ETF was approved, I think we’d just see like a candle like this [shooting up]… pretty much just straight up like 10%, 20% candle. And the aftermath would be interesting.”
The aftermath he refers to would likely mirror a similar occurrence, like when news broke that digital asset management company, Grayscale, would apply for a Bitcoin ETF. “You would basically get the same thing that we had here… so if you look in the five-minute chart, you had the Grayscale news come in and that was the result [a jump from around $26,000 to over $27,600 in under 30 minutes]…”
| Bitcoin Value | Time Elapsed |
|---|---|
| Around $26,000 | Start of 30-minutes |
| Over $27,600 | End of 30-minutes |
Source: TechnicalRoundup/YouTube
Grayscale’s Victory Boosts Hopes for a Bitcoin ETF
Earlier in the week, a unanimous decision from a U.S. court ruled in favor of Grayscale. The U.S. Securities and Exchange Commission (SEC) was directed to reconsider Grayscale’s application for a Bitcoin ETF. Coinciding with this, Bitcoin’s value shot up by more than 5%, reinforcing DonAlt’s prediction of a potential surge.
- U.S. court ruled that SEC must reconsider a Bitcoin ETF application from Grayscale
- Bitcoin’s value increases by over 5% following the news
According to DonAlt, following Grayscale’s courtroom win, the odds of a Bitcoin ETF gaining approval are nearly certain, give or take a few inevitable delays.
“The good thing about yesterday is that the ETF seems to be pretty much a done deal to me. There’s a very, very slim chance that it’s just going to be denied. I think it’s going to be delayed, delayed, delayed until it’s approved. That’s kind of my base case.”
Bitcoin’s Current Trading Price
As of this writing, Bitcoin’s trading value stands at $27,206.
Generated Image: Midjourney