According to Cointelegrph: Despite the anticipation linked to the approval of a U.S. Bitcoin ETF, current analyses suggest Bitcoin (BTC) might struggle to break past the $48,000 mark. A recent market update by QCP Capital notes that BTC has experienced lackluster upside price volatility, which might continue even after potential ETF approval.
This analysis was put to the test when an erroneous 'official' announcement on the U.S. Securities and Exchange Commission's Twitter account (now X), caused by a SIM swap attack, declared the approval of the first U.S. spot Bitcoin ETF. Despite the short-lived excitement, Bitcoin's price only managed to reach slightly closer to $48,000, showing no significant breakout.
QCP Capital considers this a warning sign that the ETF approval might already be priced into BTC, potentially leading to a lack of a significant rally post-approval. With the ARK Invest ETF application deadline having passed on January 10, some form of announcement is still expected.
Predictions for BTC's price trajectory remain varied. While some traders foresee further sideways price action, others anticipate a substantial correction, potentially down to $35,000 or even lower. Notably, trader Il Capo of Crypto remains steadfast with a more bearish prediction, suggesting a potential retreat to $12,000 for Bitcoin in the future. As of January 10, BTC was trading around $45,600.
