In 2023, the belief has completely returned that we may be heading for the next crypto bull market. Regarding this upcoming bull market, much has been said and written about possible bitcoin (BTC) price targets of the upcoming bull market. These price targets obviously vary widely. One of the crypto analysts that we have reported on several times is CryptoCon. Here’s what he shares in his latest analysis.
Man loses control of sex toy, hacker demands bitcoin
-
Bitcoin news
Time for a BTC correction
Overall, CryptoCon, like pretty much everyone else, is very optimistic about 2024. But before we find out what this brand new year has in store for the crypto market, we have a very important week ahead of us.
In this very first week of the year we could already get clarity about the upcoming bitcoin spot ETF. Reuters reported last week that the US Security and Exchange Commission (SEC) could make the decision on Tuesday or Wednesday and give the green light to various issuers of a bitcoin ETF.
I have been bullish on #Bitcoin for all of 2023, but data shows us it’s time for a cooldown to start off the New Year, 2024.
It’s a battle between reliable long-term data and those who think that this time will be different.
I know which side I’m on!
A 30% correction from the… pic.twitter.com/PT8YWezAMp
— CryptoCon (@CryptoCon_) January 1, 2024
This scenario would be huge and would undoubtedly be a crucial point for the crypto market, whether the price rises or falls. However, CryptoCon is not fooled by all the ETF hype. The crypto analyst is known for his analytical approach to the crypto market. In his own words, he is guided by data rather than speculation. So what does the data say?
“I have been very bullish throughout 2023, but data shows it is time to cool down at the start of the new year. It is a battle between reliable long-term data and those who think this time it will be different.”
Bitcoin ETF a ‘sell the news’ event?
According to CryptoCon via X. In the past, the bitcoin price recorded a so-called “intra cycle top” at the current point in the cycle. This happened in 2012, 2016 and 2019. We saw a correction of 49 percent, 39 percent and 52 percent in those years respectively. The sharp dip in 2019 coincided with the huge ‘corona dip’ that shook financial markets worldwide.
CryptoCon expects a BTC correction of around 30 percent. This dip will bring the price back to around $30,000. He is not alone in this prediction. Much of the crypto community seems to be anticipating a ‘sell the news’ event. CryptoCon also points out that ETF approval is anything but a certainty. We’ll get a lot of answers this week.
Post Views: 0
2024-01-01 19:16:53
#Bitcoin #fall #wellknown #crypto #analyst
