Crypto analyst Crypto Kid has sent a mixed message to the crypto community, warning of the potential for Bitcoin to fall.
While acknowledging the short-term decline, Crypto Kid dug into his analysis of Bitcoin’s price movement and highlighted the importance of the formation of a double top pattern and key support levels. He outlined a potential scenario and suggested that if Bitcoin fails to find support at a key level, a further decline to $66,700 could signal a reversal of the bearish trend.
He talked about how history often repeats itself in the crypto market. Back in 2020, Bitcoin followed a pattern of forming a bullish pennant, taking some time to stabilize, and then spiking. He compared this to his own current analysis and suggested that Bitcoin could follow a similar path, perhaps reaching $90,000 to $92,000 or even $100,000. .
He also mentioned the potential for altcoins to rise. Regarding Ethereum, he predicted that while it has yet to hit a new all-time high, it could reach $6,800 based on current trends.
However, in a tone of caution, Crypto Kid shifted gears to discuss the potentially game-changing news of the Hong Kong Spot ETF approval. He emphasized the importance of these approvals, noting that they could potentially allow billions of dollars of capital to flow into Bitcoin.
Bloomberg expects an approval announcement as early as Monday, and Crypto Kid painted a bullish picture about the potential for institutional and retail inflows into Bitcoin.
Similar to previous market trends, CryptoKid sees Bitcoin prices soar following spot ETF approval, fueled by FOMO by Asian investors seeking exposure to Bitcoin through regulated investment vehicles. Then I predicted. Citing the success of other ETFs and the large inflows they have attracted, he suggested there could be similar or even greater enthusiasm for Bitcoin ETFs.
