Source: TechnicalRoundup\/YouTube<\/figcaption><\/figure>\nBitcoin is trading at $28,448 at time of writing.<\/p>\n
On what impact the approval of a spot Bitcoin ETF would have on the wider crypto market, the pseudonymous analyst says,<\/p>\n
\u201cIt\u2019s just a strong fundamental kind of shift in the narrative\u2026 if you get an ETF, that\u2019s kind of like a go-ahead sign\u2026 it\u2019s a little bit of a go-ahead sign from the US government which just gives this entire space a little bit more legitimacy.\u201d<\/i><\/p>\n
According to DonAlt, Bitcoin is unlikely to revisit the lows reached in November of 2022 unless the world\u2019s largest crypto exchange by volumes, Binance, collapses.<\/p>\n
\u201cUnless you think Binance is going to go down, I don\u2019t think there\u2019s any way we manage to get back to $16,000. Like if Binance goes down, fair enough, then you get to buy like $12,000. I think that\u2019s going to be the pico bottom, doesn\u2019t go any lower than that.<\/i><\/p>\n
But if Binance doesn\u2019t go down, I don\u2019t think we manage to get to $16,000. I think $20,000 is kind of crazy low at that point already.\u201d<\/i><\/p>\n