Altcoins
Analyst Warns of Altcoin Turbulence Ahead of Bitcoin ETF Approval
A tidal wave of speculation swept over cryptocurrency landscape Monday following phenomenal price drops seen by the broader crypto market amid growing apprehensions over the approval of Bitcoin ETFs. Notably, along the same lines, top cryptocurrencies are trading in the red today, fueling inferences among cryptocurrency market traders and investors.
Interestingly, a well-known crypto market analyst has further cracked down on the current crypto market terrain, drawing market attention to the turmoil seen by altcoins amid the approval of Bitcoin ETFs. Meanwhile, the Bitcoin price chart today showed notable volatility, attracting considerable attention globally.
The impact of Bitcoin ETF on Altcoins
According to one of the most renowned crypto market analysts, Miachaël van de Poppe, the main reason for altcoins suffering today is the upcoming Bitcoin ETF. Furthermore, it highlights how the price drop phenomenon is a typical phenomenon, as the main focus is on Bitcoin.
However, after the ETF, the momentum will potentially return to altcoins, according to Poppe. At the same time, he also highlighted the current dynamics of the Bitcoin market, proclaiming that the range remains set for the token. Additionally, Poppe plans to buy Bitcoin at over 10% downside and sell it at $48-51,000.
Furthermore, the turmoil caused by the falling prices of some of the most prominent cryptocurrencies, including ETH, XRP, and SOL, among others, potentially hints that market sentiments are tilting in favor of approving Bitcoin ETFs.
Read also: Bitcoin ETF Green Light and Halving: Analyst Predicts BTC Price to Hit $200,000 in 2025
Bitcoin Price Feed: Report
At the time of writing, the Bitcoin Price The chart shows a marginal decline of 0.43% over the past 24 hours and is currently trading at $43,772.30. However, its weekly price jumped by 2.58%, accompanied by a monthly rise of 1.38%.
Additionally, the token’s chart today showed phenomenal price flows, with Bitcoin briefly trading in the green. Simultaneously, as Bitcoin ETF Week approaches, volatility around BTC is mainly expected.
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