Notably, Bitcoin has experienced a significant upswing of approximately 30% in the past month. This remarkable rally has been primarily driven by optimism surrounding a potential Bitcoin spot ETF and key regulatory developments, notably involving the SEC\u2019s case against Ripple and the Grayscale legal battle with the agency.<\/p>\n
Soloway pointed out that these factors have been a key driver, pushing the price up by as much as 107% year-to-date. He also highlighted last week\u2019s event when a fake news<\/a> story about the approval of a Bitcoin ETF led to a rapid surge in Bitcoin\u2019s price. However, according to him, this event made it clear that the approval of a spot ETF would have a significant positive impact, leading to short covering and an influx of buyers.<\/p>\nHowever, Soloway cautioned that if the spot ETF approval does occur while Bitcoin is trading at its current levels, Bitcoin may surge up to $47,000 before experiencing a \u201csell on the news\u201d scenario, after the news is confirmed.<\/p>\n
\n
Advertisement<\/span> <\/a>   <\/div>\n\u201cI would take this high from 2019 and connect it through the bull market lows,<\/em> and there\u2019s this beautiful trend line. You can see how it connects right through these lows perfectly, and that gives us a Target of about $47,000\u2026 [I\u2019m] actually expecting a bigger pullback off that level,\u201d said Soloway.<\/p>\n <\/figure>\nFurthermore, Soloway expressed confidence in the eventual approval of a Bitcoin spot ETF, possibly by late this year or early January 2024. He highlighted the SEC\u2019s string of losses in cases against cryptocurrencies and suggested that approval is likely.<\/p>\n
That said, the pundit further cautioned that Bitcoin\u2019s price could experience significant fluctuations due to external factors, such as a potential economic recession or market turmoil, which might trigger panic selling<\/a> across various asset classes.<\/p>\nMeanwhile, Soloway also outlined his current trading strategy. He explained that when Bitcoin broke a significant trend line, he entered a long position to ride the uptrend. But as Bitcoin hit resistance around $31,000, he sold half his position. Furthermore, when the price surged to $34,000, he sold the rest and shifted to a short position at $35,175, expecting a pullback to around $31,500. <\/p>\n
Soloway clarified that he\u2019s a swing trader, focusing on smaller market moves. For long-term investors, he suggested accumulating Bitcoin within the current price range. He expressed optimism about Bitcoin potentially surpassing $100,000 in the next three years and aiming even higher.<\/p>\n
\nSEO Powered Content & PR Distribution. Get Amplified Today.<\/a><\/li>\nPlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.<\/a><\/li>\nPlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.<\/a><\/li>\nPlatoESG. Carbon,<\/a> CleanTech,<\/a> Energy,<\/a> Environment,<\/a> Solar,<\/a> Waste Management.<\/a> Access Here.<\/a><\/li>\nPlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.<\/a><\/li>\nSource:<\/span> https:\/\/zycrypto.com\/analyst-predicts-deeper-pullback-for-bitcoin-if-price-hits-47000\/<\/a><\/li>\n<\/ul>\n","protected":false},"author":1,"featured_media":2957903,"template":"Default","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[21246,38012,34957,3758,4241,23303,69026,73971,71573,13775,9160,9080,9087,4042,40086,39830,13335,10145,4669,68956,68950,3632,18340,17769,11379,3718,48552,3822,48553,4292,40390,68863,12619,12455,3634,3994,15935,30405,14064,14602,69017,10998,48555,48563,14043,4145,72348,11366,40050,3888,3946,40589,11992,23455,6978,9162,40301,3831,3724,9988,9714,40509,69339,4739,4164,69357,3692,4165,6587,10523,4004,39858,3693,40885,10521,47200,8066,9890,12149,24487,12385,39878,9369,40487,12450,48556,13776,11103,12795,3950,40059,4007,40061,48557,68868,3801,11038,4312,70540,69343,18475,21548,3694,12342,3650,69344,4186,3803,19265,9376,12554,4080,4082,68944,3700,70901,3653,48564,9411,48558,3805,18404,27164,34911,3735,3736,4199,3654,13568,72333,11472,457,3851,11013,14018,25080,11365,3658,30697,3960,34144,26118,12343,10784,26946,69523,4095,459,14094,40648,71569,48559,69187,12065,48560,19663,68946,69348,40420,6206,23402,74031,7457,8453,9642,11805,10871,68970,11040,40134,36896,3665,15253,21037,40224,45508,40498,3666,4216,40649,13774,5940,8298,40499,20883,4260,40711,70535,4022,9421,47719,69188,69545,4483,9361,40348,3924,3748,22905,14044,3928,67549,39843,3715,23337,75702,24241,68113,39844,4675,48561,13215,48566,68948,23406,13569,9055,70056,19267,7039,3673,40540,10038,25042,24253,3984,11001,39944,9178,69189,36520,11454,48562,3816,11461,3717,3937,68949,14555],"artist":[8475],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/station\/2957902"}],"collection":[{"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/media\/2957903"}],"wp:attachment":[{"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/media?parent=2957902"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/genre?post=2957902"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/station_tag?post=2957902"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/artist?post=2957902"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/mood?post=2957902"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platoaistream.com\/wp-json\/wp\/v2\/activity?post=2957902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}