The cryptocurrency world is preparing to witness a highly anticipated event: the approval of a spot Bitcoin ETF in the US. Many market experts predict that the crypto market, especially Bitcoin, will rise after such a development. One of these experts is analyst DonAlt.
The cryptocurrency analyst, known by the pseudonym DonAlt, claims that if the expected ETF is approved, Bitcoin could experience a big jump and reach levels not seen since November 2021.
The Spot Bitcoin ETF will be a financial instrument that represents physical ownership of Bitcoin, just like traditional financial products. Approval of such an ETF could facilitate institutional investors’ access to Bitcoin and lead to new capital flows into the cryptocurrency market.
DonAlt states that Bitcoin could gain over 100% in value from the current level. This is creating a lot of excitement in the cryptocurrency community, as Bitcoin has been volatile lately and many investors are eagerly awaiting the return of the bull market.
“I think $60,000 is a reasonable target if we buy the ETF. Obviously not in the short term, but I think that’s where this could go. “I think $60,000 to $100,000 is the upper limit.”
Bitcoin is trading at $29,292, up 3.47% in the last 24 hours.
The analyst thinks that a possible approval would affect not only Bitcoin but also the broader crypto market. DonAlt made the following evaluations on this issue:
“It’s just a powerful, fundamental shift in the narrative… if you buy an ETF, it’s kind of like a go sign… it’s kind of a go ahead sign from the US government, and that gives a little bit more legitimacy to this whole space.”
There are also experts who are quite pessimistic about the course of the market. However, according to DonAlt, very low targets such as $ 16,000 are not on the table right now. According to the analyst, unless Binance crashes, Bitcoin is unlikely to revisit the lows it reached in November 2022.
“Unless you think Binance is going to crash, I don’t think there’s any way to get back to $16,000. For example, if Binance goes down, you’ll get a buyout at around $12,000, fair enough. (…) However, if Binance does not fall, I do not think we will reach $ 16,000. “I think $20,000 is pretty low at this point.”
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