Posted 12/28/2023, 6:37:32 PM
Bitcoin Price Could Plunge to $32K After Anticipated 2024 ETF Approval
- Bitcoin price could drop after anticipated ETF approval next year, according to CryptoQuant report, possibly plunging to $32,000 per coin
- Investors currently sitting on big unrealized gains, so ETF approval may be a "sell the news" event
- SEC expected to approve Bitcoin ETF by January 2024, with 90% probability according to Bloomberg Intelligence
- ETF would allow traditional investors exposure to Bitcoin without dealing with crypto custody
- CryptoQuant previously said ETF could bring huge amounts of fresh capital, potentially pushing Bitcoin market cap to $900 billion