CryptoQuant: Bitcoin may fall to $32,000 within one month after the approval of spot ETF.

According to a report by Coindesk on January 3rd, CryptoQuant, a crypto data service provider, stated that Bitcoin (BTC) is expected to drop to $32,000 next month after the possible approval of spot ETFs. In a data report published on December 29th, 2023, CryptoQuant stated that the unrealized profits of Bitcoin traders are currently hovering at levels seen before multiple market corrections in history. Smart traders are taking advantage of over-crowded long trades, trapping those with leverage and forcing them to close out or liquidate at prices that are unfavorable to them. Additionally, Capriole Investments has stated that since the ETF frenzy began a few months ago, Bitcoin has risen by over 60%, and with everyone on social media expecting approval around January 10th, we must start predicting larger volatility events (up/down) as the risk for Bitcoin long positions is much higher than a few weeks ago.