CryptoQuant Believes BTC Will Fall to $32,000 Following ETF Approval

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A possible approval of a Bitcoin exchange-traded fund (ETF) in the United States could result in a “sell-on-the-news” situation, potentially putting significant pressure on the price of Bitcoin as the leading cryptocurrency.

The CryptoQuant report highlighted the “paper” profits of market participants after Bitcoin crossed the $40,000 mark, indicating a possible correction in the near future.

Analysts also noted that miners are currently making profits, which could add to the bearish sentiment.

During corrections in a bull market, Bitcoin tends to move towards its realized price for short-term holders.

In the event of a “selling on news” scenario, the price could potentially drop to around $32,000. Michael van de Poppe, founder of MN Trading, predicted that in the event of ETF approval, Bitcoin could reach a local high around $47,700 before moving within a wider range with a lower limit of $38,000.