- Bitcoin analyst predicts $47,000-$48,000 range, urges investors to ignore FUD.
- Crypto market faces flash crash, major cryptocurrencies plummet.
- Michael Saylor agrees with a bigger Bitcoin price loading and invests $200 million in BTC.
In the ever-fluctuating crypto market, prominent analyst Doctor Profit anticipates a loading phase for Bitcoin, targeting a price range of $47,000 to $48,000. Advising investors against succumbing to Fear, Uncertainty, and Doubt (FUD), Doctor Profit sees this as a precursor to a substantial surge in Bitcoin’s value.
The crypto market witnessed an unexpected flash crash yesterday, affecting major cryptocurrencies, including BTC, ETH, ADA, SHIB, XRP, SOL, and many more. Analysts attribute this abrupt downturn to a recent report.
Matrixport analyst Markus Thielen adds to the concerns, asserting that the Securities and Exchange Commission (SEC) is likely to reject all Bitcoin spot ETF proposals in the current month. Thielen highlights persistent shortcomings in these applications despite extensive discussions and updated prospectuses.
Thielen’s analysis delves into political dynamics and compliance concerns, emphasizing SEC Chair Gensler’s apparent reluctance to embrace crypto. He anticipates a potential rejection of ETF proposals in January, which could lead to cascading liquidations and a 20% drop in Bitcoin’s price, revisiting the $36,000 to $38,000 range.
Despite short-term volatility predictions, Thielen maintains a bullish outlook for 2024. Matrixport’s forecast suggests Bitcoin’s value surpassing $42,000 by year-end, based on historical patterns in U.S. election years and Bitcoin mining cycles. This positive projection aims to reassure long-term investors amid the prevailing regulatory uncertainties.
Doctor Profit believes the FUD is all planned. However, he maintains that the halving event plays a key role. Thus, the bull narrative is still very much alive and will certainly send Bitcoin (BTC) to an all time high. His last advice is to remain patient as steady movements will bring favor to all.
Another figure who shows no concern about the flash crash is MicroStrategy’s Michael Saylor. The crypto legend went on to invest more into the pioneer asset Bitcoin (BTC). In detail, he invested $200 million from MSTR stock into Bitcoin.
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