Bitcoin, Ethereum, Dogecoin Drop As ETF Decision Deadline Nears: Analyst Predicts 'Nice 10x' For Apex Crypto On Bullish Indicators
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced declines as the market anticipates the decision on the U.S.'s first spot BTC ETF. Bloomberg's Eric Balchunas expects approvals for ETF applicants who met the SEC's requirements. The crypto market cap fell by 4.80%, while U.S. stock futures were mixed. Congressional leaders reached a deal to avoid a government shutdown. Analysts predict a bull cycle for Bitcoin if the ETF is approved, with significant liquidity inflows and potential for a 10x price increase.
January 08, 2024 | 3:19 am
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NEUTRAL IMPACT
Dogecoin may see heightened volatility and potential price changes in response to the Bitcoin ETF decision, as it is influenced by broader market trends.
Dogecoin, as an altcoin, is subject to market sentiment driven by Bitcoin's movements, but its reaction to the ETF decision may be less direct.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Bitcoin may experience significant volatility and a potential bull cycle with a 10x price surge if the U.S. approves the spot BTC ETF, as predicted by analysts.
The approval of a spot BTC ETF is a major regulatory milestone that could lead to increased institutional investment and liquidity in Bitcoin, driving up its price.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum's price could lag initially but is expected to follow Bitcoin's upward movement if the BTC ETF is approved, potentially leading to increased volatility.
Ethereum often follows Bitcoin's price movements. The approval of a BTC ETF could indirectly boost ETH as the overall market sentiment improves.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80