CryptoQuant: Bitcoin may fall to $32,000 within 1 month after the "spot ETF approval" benefit comes into effect
CryptoQuant, a provider of cryptocurrency data services, stated that Bitcoin (BTC) is expected to drop to $32,000 next month after the approval of spot ETFs.
In a data report published on December 29, 2023, CryptoQuant stated that the unrealized profits of Bitcoin traders are currently hovering at levels seen before multiple market corrections in history. Smart traders will trap leveraged traders in overcrowded long trades and force them to close or liquidate their positions when prices are unfavorable.
CryptoQuant added that a rebound usually occurs after short-term losses are realized, and Bitcoin prices may drop to $32,000 as this is the realized price of short-term holders.
In addition, Capriole Investments also stated that Bitcoin has risen by more than 60% since the ETF craze began a few months ago, and everyone on social media expects to be approved around January 10th. We must start predicting bigger volatility events (up/down), and the risk of Bitcoin long positions is much higher than a few weeks ago.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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