• Analyst predicts Bitcoin (BTC) correction to $25,000 and expects temporary panic in the market.
• Altcoins are expected to experience a robust upward trend between 2024-2025.
• Delays in approving spot-based Bitcoin ETFs might prompt traders to exit their positions before regulatory approval takes place.
Bitcoin Price Correction Expected
A crypto analyst anticipates that an upcoming Bitcoin (BTC) price correction could create panic in the market before resuming its uptrend towards $36,000. The world’s largest cryptocurrency has been consolidating around $29,000 for a while and lacking enough momentum for any further price action ahead. A trader suggests that any price drop would be an opportunity to accumulate for long-term investors.
Altcoin Uptrend Expected in 2024-2025
The analyst predicts that altcoins are expected to experience a robust upward trend in 2024-2025. He noted that people will panic during the next dip but it will only be another macro higher low thus providing the opportunity for long term investors to accumulate. He also stated that delays in approving spot based Bitcoin ETFs might prompt traders to exit their positions before regulatory approval takes place and they should enjoy summer as there is going to be all night trading of altcoins by 2024-2025.
SEC Unlikely To Approve ETF Soon
It’s unlikely that the U.S Securities and Exchange Commission (SEC) will approve a Bitcoin exchange traded fund (ETF) focused on spot markets soon due to ongoing debates about potential manipulation of prices by large players and various risks involved with cryptocurrencies like security breaches etcetera . The SEC has already rejected multiple attempts made by some companies like VanEck/SolidX but recently accepted applications from Valkyrie Digital Assets, SkyBridge Capital, Fidelity Investments & more organizations which have yet not been approved or rejected yet .
Chainlink & Solana Recommended
Inmortal recommends accumulating Chainlink (LINK) and Solana (SOL). He believes these cryptocurrencies are good investments for long term as they provide stable returns with minimal risk . He adds that this period of slow movement is ideal time for accumulation of such coins which can help maximize profits when prices surge again .
The upcoming Bitcoin price correction could create temporary panic among traders but also provides an opportunity for long term investors who want to accumulate BTC at discounted rates . Altcoins are expected to experience bullish trends during 2024 – 2025 as SEC gets closer towards approving spot based bitcoin ETFs . Inmortal suggests accumulating Chainlink & Solana cryptocurrency tokens which can help maximize profits when prices surge again .