Stacks (STX) could rise 33% thanks to Bitcoin ETF

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Stacks (STX) price remains strong despite the market decline during Sunday’s trading session. One of the reasons why Bitcoin-related altcoins such as Bitcoin Cash and Bitcoin SV are attracting more interest is the upcoming approval of potential ETFs.

Likewise, investors looking to trade on ETF approval news can short altcoins, including Ethereum, to hedge against rising BTC trading prices, which could cause short-term declines in other cryptocurrencies.

STX price explodes

Since December 12, 2023, STX price has been trending upward. The altcoin doubled in less than two weeks and hit a local peak of $1.74. Since then, STX has been consolidating, with roughly equal highs and higher lows.

Despite the sell-off, Stacks price managed to reverse the decline and break above the $1.74 horizontal resistance. If this trend and strength continues, STX could reach the following targets: $1.90, $2.12, $2.25, and $2.46.

These take-profit levels are major Fibonacci extensions of the three swing points created between January 5 and 7.

The 161.8% Fibonacci extension is 18% away from the current Stacks price of $1.84. The ultimate goal is to achieve growth of nearly 33%.

STX 4-hour price chart. Source: TradingView

While the bullish outlook for Stacks price is legitimate, it depends heavily on news from the Bitcoin ETF. If ETF approval is delayed, investors could dump their holdings and trigger a sell-off.

In this case, if Stacks price forms a four-hour candle that closes below $1.56, it will print lower lows and invalidate the bullish argument. Such a development could send STX down 12% to the next key support level at $1.37.