{"id":567289,"date":"2023-12-28T23:00:48","date_gmt":"2023-12-28T23:00:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=567289"},"modified":"2024-06-11T07:53:00","modified_gmt":"2024-06-11T07:53:00","slug":"analysts-sound-alarm-spot-bitcoin-etf-approval","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analysts-sound-alarm-spot-bitcoin-etf-approval\/","title":{"rendered":"CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\u2019s Why"},"content":{"rendered":"<p>A recent <a href=\"https:\/\/cryptoquant.com\/insights\/research\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) could lead to a significant market event.<\/p>\n<p>This possibility arises amid the Bitcoin (BTC) price <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/crypto-funds-11-week-inflow-streak-snapped-bitcoin-faces-33m-exodus-as-altcoins-shine\/\" target=\"_blank\" rel=\"noopener \">stabilizing above<\/a> $40,000, leaving many market participants sitting on substantial unrealized profits.<\/p>\n<p>The report by CryptoQuant particularly posits that this scenario could trigger a \u201csell the news\u201d event, historically linked to market corrections.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/eyes-on-50000-bitcoin-poised-for-major-rally\/\" target=\"_blank\" rel=\"noopener \">Eyes On $50,000: Bitcoin Poised For Major Rally Amid Spot ETF Optimism \u2013 Analyst<\/a><\/div>\n<h2>Bitcoin Possible Drop To $32,000<\/h2>\n<p>CryptoQuant\u2019s analysis points to the current state of Bitcoin holders as a reason for the possible drop in BTC price when the approval of spot Bitcoin ETF happens.<\/p>\n<p>Particularly the short-term ones, experiencing unrealized profit margins of around 30%. According to CryptoQuant, such high-profit levels have often preceded price drops.<\/p>\n<p>Additionally, the report notes an uptick in selling activity from Bitcoin miners, adding to the potential sell pressure on BTC. This, combined with the market\u2019s anticipation of a spot Bitcoin ETF approval, could create a volatile environment, as highlighted by CryptoQuant.<\/p>\n<figure style=\"width: 1172px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.tbstat.com\/wp\/uploads\/2023\/12\/bitcoin-miner-profits.png?resize=1172%2C606&#038;ssl=1\" alt=\"Analyzing Bitcoin Miner Profitability: A Year in Review. \" width=\"1172\" height=\"606\"><figcaption class=\"wp-caption-text\">Analyzing Bitcoin Miner Profitability: A Year in Review. | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/research\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/figcaption><\/figure>\n<p>Based on CryptoQuant&#8217;s analysis, during downturns within bullish markets, Bitcoin&#8217;s value often falls back to the level where short-term investors have historically realized their prices.<\/p>\n<p>Considering this, the report suggests that in a scenario where &#8220;sell the news&#8221; occurs, Bitcoin&#8217;s value might see a downturn, with a possible dip to around &#8220;$32,000.&#8221;<\/p>\n<h2>Contrasting Views And Support Levels Amid ETF Speculations<\/h2>\n<p>The conversation around a Bitcoin spot ETF\u2019s potential approval is not one-sided. Several analysts predict a positive outcome, with firms like Matrixport and prominent analysts like Michael van de Poppe suggesting that the approval could catapult Bitcoin\u2019s price to new highs.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/matrixport-foresees-bitcoin-hitting-50000-price-mark\/\" target=\"_blank\" rel=\"noopener \">Matrixport Foresees Bitcoin Hitting $50,000 Price Mark: Here\u2019s When<\/a><\/div>\n<p>Matrixport anticipates that the approval of Bitcoin spot ETFs by the US SEC could <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/matrixport-foresees-bitcoin-hitting-50000-price-mark\/\" target=\"_blank\" rel=\"noopener \">drive BTC\u2019s value to around $50,000<\/a> in early 2024. Van de Poppe echoes this sentiment, foreseeing a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/eyes-on-50000-bitcoin-poised-for-major-rally\/\" target=\"_blank\" rel=\"noopener \">potential rise to the $47,000-$50,000 range<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> did test the lows, didn&#8217;t take the liquidity beneath the lows.<\/p>\n<p>Anyway, correction seems over and pre-ETF we&#8217;re likely to test $47-50K.<\/p>\n<p>Buy the dips. <a href=\"https:\/\/t.co\/Ar4mqvYRjJ\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/Ar4mqvYRjJ<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/52403145?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">December 19, 2023<\/a><\/p><\/blockquote>\n<p>Additionally, while CryptoQuant predicts a possible drop to $32,000, other analysts&#8217; prediction of BTC bottom doesn&#8217;t go that low. Analyst Ali, for instance, has highlighted a robust<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-analyst-reveals-the-price-btc-wont-drop-below\/\" target=\"_blank\" rel=\"noopener \"> support zone between $37,150 and $38,360<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">In case of a deeper correction, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a>.<\/p>\n<p>Also, watch out for two resistance walls that could keep the <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#BTC<\/a> uptrend at bay: one at $43,850 and another at $46,400. <a href=\"https:\/\/t.co\/NGm1XpMOLf\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/NGm1XpMOLf<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/94254963?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">December 11, 2023<\/a><\/p><\/blockquote>\n<p>This range is reinforced by the activities of approximately 1.52 million addresses holding about 534,000 BTC. Notably, such a strong foundation of support might mitigate the risks of a drastic price fall even if a \u201csell the news\u201d event were to occur following the spot ETF approval.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/nKGrUQyt\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent report from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) could lead to a significant market event. This possibility arises amid the Bitcoin (BTC) price stabilizing above $40,000, leaving many market participants sitting on substantial unrealized profits. The report by CryptoQuant particularly posits that this scenario could trigger a \u201csell the news\u201d event, historically linked to market corrections. Related Reading: Eyes On $50,000: Bitcoin Poised For Major Rally Amid Spot ETF Optimism \u2013 Analyst Bitcoin Possible Drop To $32,000 CryptoQuant\u2019s analysis points to the current state of Bitcoin holders as a reason for the possible drop in BTC price when the approval of spot Bitcoin ETF happens. Particularly the short-term ones, experiencing unrealized profit margins of around 30%. According to CryptoQuant, such high-profit levels have often preceded price drops. Additionally, the report notes an uptick in selling activity from Bitcoin miners, adding to the potential sell pressure on BTC. This, combined with the market\u2019s anticipation of a spot Bitcoin ETF approval, could create a volatile environment, as highlighted by CryptoQuant. Based on CryptoQuant&#8217;s analysis, during downturns within bullish markets, Bitcoin&#8217;s value often falls back to the level where short-term investors have historically realized their prices. Considering this, the report suggests that in a scenario where &#8220;sell the news&#8221; occurs, Bitcoin&#8217;s value might see a downturn, with a possible dip to around &#8220;$32,000.&#8221; Contrasting Views And Support Levels Amid ETF Speculations The conversation around a Bitcoin spot ETF\u2019s potential approval is not one-sided. Several analysts predict a positive outcome, with firms like Matrixport and prominent analysts like Michael van de Poppe suggesting that the approval could catapult Bitcoin\u2019s price to new highs. Related Reading: Matrixport Foresees Bitcoin Hitting $50,000 Price Mark: Here\u2019s When Matrixport anticipates that the approval of Bitcoin spot ETFs by the US SEC could drive BTC\u2019s value to around $50,000 in early 2024. Van de Poppe echoes this sentiment, foreseeing a potential rise to the $47,000-$50,000 range. #Bitcoin did test the lows, didn&#8217;t take the liquidity beneath the lows. Anyway, correction seems over and pre-ETF we&#8217;re likely to test $47-50K. Buy the dips. pic.twitter.com\/Ar4mqvYRjJ \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 19, 2023 Additionally, while CryptoQuant predicts a possible drop to $32,000, other analysts&#8217; prediction of BTC bottom doesn&#8217;t go that low. Analyst Ali, for instance, has highlighted a robust support zone between $37,150 and $38,360. In case of a deeper correction, #Bitcoin finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC. Also, watch out for two resistance walls that could keep the #BTC uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com\/NGm1XpMOLf \u2014 Ali (@ali_charts) December 11, 2023 This range is reinforced by the activities of approximately 1.52 million addresses holding about 534,000 BTC. Notably, such a strong foundation of support might mitigate the risks of a drastic price fall even if a \u201csell the news\u201d event were to occur following the spot ETF approval. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,441,91007,1119,78790,6664,84647],"class_list":["post-567289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-orediction","tag-btc","tag-btcusdt","tag-crypto","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"A recent report from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) could lead to a significant market event.\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\u2019s Why","url":"http:\/\/uniquehot.com\/news\/analysts-sound-alarm-spot-bitcoin-etf-approval\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/analysts-sound-alarm-spot-bitcoin-etf-approval\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin orediction","btc","btcusdt","crypto","spot bitcoin etf"],"dateCreated":"2023-12-28T23:00:48Z","datePublished":"2023-12-28T23:00:48Z","dateModified":"2024-06-11T07:53:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\\u2019s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/analysts-sound-alarm-spot-bitcoin-etf-approval\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/analysts-sound-alarm-spot-bitcoin-etf-approval\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin orediction\",\"btc\",\"btcusdt\",\"crypto\",\"spot bitcoin etf\"],\"dateCreated\":\"2023-12-28T23:00:48Z\",\"datePublished\":\"2023-12-28T23:00:48Z\",\"dateModified\":\"2024-06-11T07:53:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/567289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=567289"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/567289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=567289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=567289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=567289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}