BTC and altcoins experienced a significant rise as optimism rose regarding the SEC's approval of spot Bitcoin ETFs.
At this point, as BTC rose above $ 35,000 for the first time since May 2022, a new analysis came from the CryptoQuant analyst.
Stating that short-term Bitcoin investors made profits on the rise to $ 35,000, the analyst said that after such situations, a horizontal or correction process usually follows in BTC.
Additionally, the analyst said that if approval for the spot Bitcoin ETF is not clear, short-term movements from late October to early November are likely to be sideways or corrective.
“Bitcoin holders with less than six months term profited as BTC reached $35,000.
Such situations usually occur after a strong rise in a bull market and are always followed by a sideways or correction period.
Unless approval for a Bitcoin spot ETF is clarified, short-term movements from late October to early November are likely to be sideways or corrective. “
Bitcoin continues to trade at $34,166 at the time of writing.
Short-term holders realized profits.
"Such movements often occur after a strong rise in a bull market, each time followed by a sideways or correction period."
by @DanCoinInvestor— CryptoQuant.com (@cryptoquant_com) October 27, 2023
*This is not investment advice.
