Bitcoin Price Continues to Rise in November
After a significant increase in October, Bitcoin price is still on the rise in November. It has seen some volatility, with a potential course for $38,000. However, this could be a sign that bears are gaining confidence while bulls may be losing steam as they wait for SEC approval.
Key Difference Between SEC Approval and Operation Timelines
The president of Off The Chain Capital, Brian Dixon, believes that the approval of a Bitcoin ETF will only cause a short-term increase followed by a drawdown in price. He emphasizes that the much larger increase will come when these ETFs become operational. Dixon also notes that there is significant demand from institutional investors waiting for a regulated on-ramp.
Caution from Bitcoin ETF Bears
Peter Schiff and Mads Eberhardt caution against the overbought nature of the Bitcoin ETF story. Schiff predicts that an ETF approval will mark the top of the rally and warns of an imminent sell-off. Eberhardt suggests that the introduction of ETFs may lead to more selling pressure than buying in the short term. Technical analysis also supports this bearish thesis.
Hot Take: The Uncertain Future of Bitcoin ETFs
The future of Bitcoin ETFs remains uncertain as investors eagerly await SEC approval. While some believe that approval will lead to a significant rally, others warn of a potential drawdown in price. The key difference between approval and operation timelines will play a crucial role in determining the overall impact on the market. As we approach December, it’s important to monitor the bearish signals and consider whether the current Bitcoin rally is sustainable or overdone.
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