"Bitcoin's 2024 Outlook: Price Predictions and ETF Developments Amid SEC Scrutiny"
Despite the potential approval of spot Bitcoin ETFs in early 2024, experts from CryptoQuant and prominent figures like Cathie Wood and Nic Carter predict a possible price drop for Bitcoin to around $32,000 in January 2024 due to a "sell-the-news" event. This event is characterized by market participants selling off their holdings after a highly anticipated event occurs, in this case, the approval of Bitcoin ETFs. The prediction is based on historical patterns of price corrections following high unrealized profit margins among short-term holders and increased selling activity by miners. While there is a short-term bearish outlook, experts like Wood and Carter remain optimistic about Bitcoin's long-term prospects, citing the potential influx of institutional funds post-ETF approval.