An Initial Pump
Bitcoin has experienced positive price movement in the past 90 days, with a current price of $45,110. This coincides with the news of the first Bitcoin ETF applications, including Ark 21 in April 2023 and Grayscale in October 2021.
Consolidation
While there is currently a lot of excitement and optimism surrounding the approval of BTC spot ETFs, this enthusiasm may not last forever. In the short term, there may be a standstill or even a small pullback in BTC price. This could result in some investors selling the news and waiting for further price increases.
A Pullback
A pullback in BTC price is expected, but it may not be as significant as some bears hope. This pullback could cause uncertainty among investors, leading to some selling and waiting for further price decreases. However, previous bull runs have shown that pullbacks are normal and can present good entry opportunities.
Full On Bull Run
The approval of Bitcoin ETFs marks the entry of institutional players into the market and signals the start of a full bull run. However, this doesn’t mean there won’t be any pullbacks along the way. It’s important to be aware that variations are possible and anything can happen.
Conclusion
With the imminent approval of Bitcoin ETFs, it’s likely that we will see an initial price increase followed by a potential short-term pullback. After this pullback, we may enter into the second leg of the bull run. It’s important to exercise caution and do thorough research before making any investment decisions.
Hot Take: The Future of Bitcoin ETF Approval
The approval of Bitcoin ETFs is on the horizon, and the market is eagerly awaiting the outcome. While an initial pump in BTC price is expected upon approval, it may not reach new all-time highs immediately. Instead, consolidation and pullbacks are likely before entering a full-fledged bull run. It’s crucial for investors to stay informed and not panic sell during these fluctuations. Overall, the approval of Bitcoin ETFs signifies a significant milestone in the adoption of cryptocurrencies by institutional players.
By
By
By
By