CryptoQuant unveil two potential scenarios for spot Bitcoin ETFs
Analysts from CryptoQuant revealed two scenario s that could unfold before the approval of spot Bitcoin (BTC) ETFs. CryptoQuant experts analyzed the support and resistance levels of the first cryptocurrency based on the average price of BTC holders and presented two scenario s: bullish and bearish. 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. Thread — CryptoQuant.com (@cryptoquant_com) January 9, 2024 According to the first bullish scenario , before the U.S. Securities and Exchange Commission (SEC) makes a final decision, the price of BTC could reach a local peak of $48,500. In this case, the share of short-term holders (from one day to a week) will exceed 8%, which indicates a market overheating. In addition, this indicator increases the likelihood of a correction. This level may become...