Analyst: What false Bitcoin ETF Approval means for BTC
YouTube analyst Crypto Banter predicts that Bitcoin is still on an uptrend despite a false SEC announcement and Gary Gensler’s clarification.
The analyst reveals the market hates uncertainty, which has led to the choppy Bitcoin price.
When considering what’s next, the analyst, joined by guest Jason Pizzino, shares in a Jan. 10 video that although the BTC market might see a correction, it doesn’t mean the market is going below $30,000 to $32,000 since the market has seen 22% corrections on its way up.
Therefore, for the market to go under $32,000, it would have to do a 35% correction, so although it isn’t impossible, the market has been relatively stable, suggesting a drop like that would be very different from what it has done in previous histories.
“The trend is still up as crazy as it seems,” Pizzino said.
Although the price is still up when looking at percentage, it’s been up from Dec. 5. It’s only 2% different from the top to the current closing price. The analyst states that although the market major swings backward and forwards for the last 36 days, or five weeks, the price isn’t that far off from the top.
When writing, Bitcoin (BTC) is at $46,532, a 0.3% decrease in the last 24 hours.
