A widely followed crypto analyst believes that Bitcoin (BTC) will cross the $40,000 level at any moment now.
Pseudonymous crypto trader The Flow Horse tells his 188,600 followers on the social media platform X that he is bullish on Bitcoin because there is little reason for anyone to sell BTC under the current conditions.
The trader believes that Bitcoin will remain climbing ahead of the U.S. Securities and Exchange Commission’s (SEC) possible approval of a spot market Bitcoin exchange-traded fund (ETF) by January 10, 2024.
“Alright, three weeks ago I said $38,000-$40,000 region would end up being the top for a bit. Yeah, sure it was for that time. But now it looks like it is just a rising floor. Again, who is selling much before January 10th?
+$40,000 coming soon.”
He says other reasons to remain bullish on Bitcoin include the April 2024 halving event, when miners’ rewards are cut in half, and a possible rate cut next year by the Federal Reserve, which usually means upward momentum for risk assets like BTC.
“ETF. Halving. Rate cuts. Election. And you still have people mid-curving where prices are most likely to be next year.”
The trader also believes that if the SEC approves the spot Bitcoin ETF prices will immediately increase.
“The thing you have to think about is why would you sell right now? You have to think about other people, other whales, other traders. Why would you sell when you know it’s almost all but guaranteed prices are going to be higher when the ETF is green-lit…
When the ETF goes live, we’re going to be higher than where we are. That is something that I firmly believe.”
Bitcoin is trading for $38,769 at time of writing, up 2.9% in the last 24 hours.
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