While Bitcoin was making volatile movements before the SEC announced its ETF decision, popular crypto analysis platform CryptoQuant analyst Mac-D said there were two scenarios for BTC.
Accordingly, the analyst explained the decline and rise scenarios they predicted for BTC based on BTC's support and resistance levels before the SEC's decision.
The analyst, who first emphasized the bullish/bullish scenario, said that he expected BTC to rise up to $48,500 first.
The analyst argued that if BTC reaches $48,500, he expects Bitcoin holders to increase by 8% in the weekly period, which will strengthen the possibility of a correction for BTC.
” If BTC rises to $48.5 thousand, there may be an 8% increase in the number of Bitcoin holders. This increase indicates that the market is overheated and strengthens the possibility of a correction in BTC.
“$48,500 is the 2-3 year average price level for investors and could be the main resistance level.”
Secondly, explaining the bearish scenario, the analyst argued that, based on past data, BTC could decline to the range of $ 30,000 – $ 34,000 and find support at this point.
Because CryptoQuant found that the average Bitcoin unit price was $ 34,000 according to holding periods of one week, one month, 18 months and 2 years. According to 3-month and 12-month holding periods, the average unit price of cryptocurrency was found to be 30,000 dollars.
“Looking at Bitcoin historical data, the price could drop to between $34,000-$30,000 and this range could become new support for BTC.
The average unit price is $34,000 depending on the holding period of the owners between 1 month, 18 months and 2 years; The average unit price for owners between 3 months and 12 months is $30,000. “
Sharing the rise and fall scenario for BTC, CryptoQuant analyst lastly stated that risk and uncertainty increase as the spot Bitcoin ETF decision approaches, and warned cryptocurrency investors not to take too much risk in this process.
Bitcoin continues to trade at $46,690.
2 Scenarios Before Bitcoin Spot ETF Approval and How to Respond
Quicktake Post by @MAC_D46035
This post explains how to analyze the Bitcoin price support and resistance using on-chain data of the average unit price of #Bitcoin holders.
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— CryptoQuant.com (@cryptoquant_com) January 9, 2024
*This is not investment advice.
