King of cryptocurrency Bitcoin (CRYPTO: BTC) has had a stunning bull run in 2023. Anticipating approval for Bitcoin ETF, the cryptocurrency's market capitalization has surged 164% in 2023 so far, which is an increase of $539 billion.
Now, a leading cryptocurrency trader thinks there is a possibility of a considerable drop in Bitcoin value.
What Happened: Renowned cryptocurrency expert DonAlt asserts that the sanctioning of a spot-based Bitcoin ETF could result in heightened Bitcoin price fluctuations.
DonAlt anticipates that Bitcoin might briefly rally following the ETF news, but a significant correction would ensue.
"I think the news is going to be a sell-the-news event. You might just wick, like maybe we wick to the upside on the ETF announcement toward $45,000, $46,000, $47,000 maybe $48,000 something like that," ...