Cobie, a prominent figure in the crypto trading circles known for his insightful and often accurate predictions, made a post on Aug. 23, 2023, that outlined the spot Bitcoin ETF scenario to a frighteningly accurate degree.

Cobie’s post, which delved into the intricacies of Bitcoin (BTC) and the anticipated approval of a Bitcoin ETF, showcased his deep understanding of the market dynamics.

His prediction of a significant rise in BTC’s price, potentially reaching $50,000 by the year’s end, alongside a detailed analysis of the potential impact of the ETF approval, reflects a level of analysis that few in the field can match.

Foresight

The trader also predicted when the SEC would approve the ETFs and said at the time that it was basically “free” to long Bitcoin until then and recommended selling once the approval came in, or shortly before that.

Cobie wrote:

“Anyway, BTC ETF will definitely be approved, I am 99% confident but it will be at the latest possible date (ie. when they can no longer delay but have to decide).”

He added that once the ETFs were approved, it would be a “death knell” which would likely drive the price down due to high levels of sell pressure coming in from Grayscale’s GBTC holders, who have been waiting for an opportunity to sell once they are close to being whole again.

Considering the price action, following that advice would have been the best move in hindsight. This has drawn widespread admiration from crypto Twitter. However, Cobie feels the admiration is undue.

Cobie’s reflective response

In a candid response to the social media ruckus, Cobie emphasized financial predictions’ dynamic and often uncertain nature.

“I can’t even remember, man,” he began, highlighting the challenge of keeping track of ever-changing market views.

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Author: Assad Jafri

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