In an environment where concerns about the SEC’s Spot Bitcoin ETF decision are increasing, warnings continue to increase even as the general decline in the crypto market turns into an increase. Master cryptocurrency analyst Miachel van de Poppe emphasized that investors may face a difficult process due to increased volatility in altcoins during the US Securities and Exchange Commission’s Bitcoin ETF decision and called for attention.
Spotlight Sheds Light on the Impact of Bitcoin ETF on Altcoins
According to Michael van de Poppe, a well-known name among crypto investors, the main reason for the problems faced by altcoins today is the upcoming decision regarding the Spot Bitcoin ETF. Analysts predict that altcoins will lose value for a while as investors’ focus shifts to Bitcoin. According to Poppe, momentum may return to altcoins after the ETF decision.
Poppe also emphasized that the turmoil caused by the price drop of some of the most prominent altcoins, including ETH, XRP and SOL, could indicate a change in market sentiment regarding the approval of the Bitcoin ETF.
The analyst also drew attention to Bitcoin’s market dynamics, stating that Bitcoin is in consolidation mode and expects it to rise to $48-51,000 when it comes out of consolidation mode, adding that this range is a good selling point.
Latest Situation in Bitcoin Price Before ETF Decision
Bitcoin, the largest cryptocurrency, traded at $44,781, up 1.53% in the last 24 hours. According to current data, the company is expected to grow 5.04 percent on a weekly basis and 2.67 percent on a monthly basis.
Volatility in the largest cryptocurrency increased after most of the 13 ETF filing companies filed their final Form S-1 with the SEC and BlackRock announced it would provide $10 million in BTC to fund it. Experts say that with the increase in volatility, the price increased and reached the level of $ 45,000, and the rally will gain momentum if SEC approval is received.
