Bitcoin Price to Undergo Major Correction Before Further Uptrend

Bitcoin price correction could create panic in the market before resuming the uptrend to $36,000.
Any price correction would create an opportunity to accumulate for long-term investors. Altcoins will resume uptrend in 2024-2025.

The world’s largest cryptocurrency Bitcoin (BTC) has been consolidating around $29,000 for a while and lacking enough ammo for any further price action ahead. The Bitcoin price volatility has hit new multi-year lows with analysts waiting for the next move.

Currently, Bitcoin (BTC) has failed to move past $30,000 after multiple attempts with analysts expecting the BTC price to move lower towards $26,000. A trader anticipates that an upcoming Bitcoin (BTC) correction might distract people from the broader context and lead them to react excessively.

Inmortal, a trader with 195,300 followers on Twitter, suggests that Bitcoin could potentially experience a drop to around $26,000 by the end of this month. “Look, in the next dip people will panic. But it will only be another macro higher low,” he noted.

Inmortal suggests that the correction might be initiated by the news of delays in approving spot-based Bitcoin exchange-traded funds (ETFs). The crypto strategist believes these delays could prompt traders to exit their positions before regulatory approval of a Bitcoin ETF takes place.

Bitcoin Price Shall Bounce Back Strongly

However, the analyst also explains that this price drop would be a good time to accumulate for long-term Bitcoin investors. Inmortal notes that although the corrective move would induce fear in the market, it would also set up the base for the BTC price for a surge to $36,500.

The analyst also predicts that the current volatile market conditions are a sign of the upcoming bullish price movement in the next year. Inmortal suggests that altcoins are expected to experience a robust upward trend in 2024 and 2025.

“Now that the price is going in slow motion, don’t worry about it, go enjoy the summer. And get ready because in 2024-2025 we will be up all night trading sh**coins,” noted the analyst. Inmortal says that he would be accumulating Chainlink (LINK) and Solana (SOL) for now.

SEC won’t Approve Bitcoin ETF Soon

It’s unlikely that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin exchange-traded fund (ETF) focused on spot trading, says John Reed Stark, a former head of the agency’s Office of Internet Enforcement.

Stark believes that if a Republican candidate wins the 2024 presidential election, the SEC might reduce its crypto-related enforcement efforts. This change could lead to a more positive stance on a Bitcoin spot ETF and other supportive crypto regulations.

He also suggests that if a Republican president comes in, the current SEC chair Gary Gensler might step down. This could make way for Hester Peirce, known as “Crypto Mom,” to become the acting chair. Such changes could impact crypto-related decisions within the agency.

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