Popular crypto analyst Don Alt has joined the bandwagon of predictions pertaining to Spot Bitcoin ETFs. Don Alt recently took to social media platform X to convey a strong bullish Bitcoin price sentiment, issuing a forecast that the cryptocurrency is on the verge of going supersonic to $60,000 in the coming months.
Even a $100,000 price point is not out of the books, according to this analyst. The catalyst for this potential liftoff? The long-awaited approval of a Spot Bitcoin ETF in the US.
Bitcoin’s Supersonic Rally to $60,000
Don Alt is known for accurately predicting Bitcoin price points in the past and correctly pinpointed the crypto’s lowest price point in 2022. Now, Don Alt is of the notion that Bitcoin is poised for a massive price surge in the coming months that could send it soaring to $60,000.
It’s no news that this recent rally is due to the excitement around the SEC’s approval of spot Bitcoin ETFs and the analyst thinks this rally will continue until a $60,000 price point. The digital currency is already up by 121% since the beginning of the year and has broken multiple yearly highs in the past month.
The longer the SEC takes to approve the applications, the higher the rally will continue in anticipation. However, the analyst took a different line of thinking and considered the likelihood of a price decrease after the approval.
Don Alt mentioned that the approval might turn into a “sell the news moment,” implying that there might be many more bears waiting to take advantage of the price jump to sell off than the market thinks.
“Now, after the ETF gets approved, things might get a bit tricky. It could be a ‘sell-the-news’ moment, or maybe not. To be honest, I don’t know,” Don Alt said.
This line of reasoning resonates with economist Peter Schiff, who warned that approval of Spot Bitcoin ETFs might lead to a Bitcoin price decline. Schiff also believes that there could be a larger number of people sitting on their assets in anticipation of an opportunity to sell at a higher price.
On-chain data shows that large investors have been selling off in light of profit-taking. Bitcoin whales and sharks have sold around 60,000 BTC, worth about $2.2 billion in the past week.
Bitcoin Price To $100,000?
Don Alt dismissed bearish sentiments, particularly those waiting for a Bitcoin pullback to $12,000. “BTC is more likely to go to $100,000 here than it is to go back to $12,000,” he said.
The SEC is slated to decide on 12 ETF applications by November 17, although they might not be approved until January 2024.
At the time of writing, Bitcoin’s rally has slowed down, and the asset has consolidated just below and above the $37,000 price point.
BTC maintains support above $36,400 | Source: BTCUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com