Bloomberg Analyst Mike McGlone stated that the expectation for spot Bitcoin ETF approval has pushed the Bitcoin price to the top and a decline may come from there.
Analyst who recently joined Scott Melker’s YouTube stream Mike McGloneBitcoin investors worrying made statements. Expectations that spot Bitcoin exchange-traded fund (ETF) applications will be approved already priced The analyst claims that the current price is It is similar to the peaks in previous years. he emphasized.
Pointing out that the cryptocurrency market has been rising for months, the experienced name said that the prices It may decrease after ETF approval mentioned:
ETF approval looks set to come this week. If approval is followed by a decline, that would be bad, which I think will happen. Is there a very exaggerated rise? Yes, just like any other peak. We were hopeful in the past period and thus we rose 50% from $ 30,000. We increased 3 times compared to last year. But now we have reached the saturation point and it is necessary to say thank you and say goodbye.
US Securities and Exchange Commission (SEC) Wednesday, January 10 It is expected to approve spot Bitcoin ETFs on Friday and the launch will be completed by this Friday.
According to CoinGecko data, in the last 24 hours 4.3% increase Bitcoin exhibiting, at the time of writing from $46,880 is being traded.