Will Bitcoin rise to $50,000 in January? ──Major tokens such as SOL temporarily fell by more than 10% | CoinDesk JAPAN

Bitcoin (BTC) was trading at just over $43,000 by mid-morning European time on the 4th, after falling as much as 7% on January 3rd as the market reacted to analyst reports. , recovered some losses.

Bitcoin, the largest cryptocurrency, could rise to $50,000 this month, said Lucas Kiely, chief investment officer at digital asset platform Yield App. speaking. Keeley predicted that the U.S. Securities and Exchange Commission (SEC) would approve a spot Bitcoin exchange-traded fund (ETF), denying analysis that it would not.

Major tokens Solana (SOL), Ethereum (ETH), and Cardano (ADA) began to stabilize in price on the 4th after falling more than 10% in the past 24 hours. The CoinDesk Market Index (CMI), which broadly tracks the market, fell 6% over the same period, its biggest loss in recent weeks.

Meme coins Dogecoin (DOGE) and Shiba Inu Coin (SHIB) fell more than 12%. Sei Network’s SEI has become one of the few rising stocks on the back of growing hype.

Late at night on the 3rd, an unwinding of futures occurred, and more than $600 million (approximately 84 billion yen, equivalent to 140 yen per dollar) was liquidated, the most in a year. The number of futures contracts) fell by $5 billion (about 700 billion yen), the steepest decline in recent months.

$5 billion in open interest wiped out from the #crypto market!!! pic.twitter.com/ATB7Ai2bzE

— Coinalyze (@coinalyzetool) January 3, 2024

Wednesday’s selloff began at the same time that Matrixport predicted that “the SEC will reject all applications” for Bitcoin ETFs. Options analyst GreeksLive also shared this outlook, saying that “weakness in crypto-mining stocks and net selling in some crypto-related US stocks” increased market skepticism.

Yield App’s Keeley, on the other hand, took the opposite position, telling CoinDesk in an email that reports that the SEC would not approve a Bitcoin spot ETF this month should be ignored.

“I still think there’s a good chance we’ll be approved by the SEC in January,” Keeley said. “The pressure and expectations placed on Chairman Gary Gensler and the members of the committee from asset managers around the world are too great.”

“We do not expect a massive ‘sell on fact’ event as some are predicting. dollar, and I think we’ll see record prices for BTC this year,” he said.

On-chain data provider CryptoQuant and others are predicting Bitcoin to fall to $32,000 next month following the potential approval of spot ETFs, and current traders’ unrealized gains are expected to rise above the correction (crypto). In the case of assets, it remains at a level that precedes a decline (which typically refers to a decline of 10% or more).

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Bitcoin Could Rally to $50K as Gensler Faces Pressure to Approve ETF, Traders Say