(Forget to publish this a few days ago however, this is not investment advice. I am just sharing my opinion. The long-term scenario is bullish. I will update once it reaches the expected target.)
The recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) is indeed a significant development in the cryptocurrency market, marking a milestone for crypto adoption. This decision, which came after more than 10 years of anticipation and several rejected proposals, has been met with a mix of reactions from the crypto industry. On one hand, it has been celebrated as a historic moment that could lead to a substantial influx of capital into Bitcoin, with estimates predicting upwards of $100 billion flowing into Bitcoin ETFs in the U.S. this year alone. The approval is seen as a nod towards the increasing market size and institutional interest in Bitcoin, with the market cap nearing $1 trillion and institutional giants like BlackRock joining the ETF race.
On the other hand, there's a discussion within the crypto community about the immediate impact of this approval on Bitcoin's price. Some analysts and industry observers are contemplating a "sell the news" event, where the price might experience short-term sell-offs as the ETF news might already be priced in. This sentiment is based on the theory that traders often capitalize on market movements by trading on rumors and tend to sell once the actual news is released, potentially at a profit. However, the price of Bitcoin before and after the approval has remained largely unchanged, suggesting that significant movements had already been anticipated by the market.
The overall market sentiment seems to be that while the approval is a positive step for the legitimacy and accessibility of Bitcoin, it may not necessarily result in an immediate dramatic price surge. This is partly because such significant events are often anticipated by the market, and their impact is reflected in prices before the actual event occurs. However, experts also note that the long-term implications of the ETF approval could still be bullish for Bitcoin, drawing parallels to the introduction of gold ETFs and their subsequent impact on gold prices.
The introduction of these ETFs has also highlighted the importance of collaboration within the industry to ensure robust safeguards against fraud and market manipulation, which is crucial for the continued growth and maturation of the crypto market.
In the context of the trading chart and the broader market dynamics, the negative momentum and declining volume in the face of such a significant event could suggest that larger market players may be waiting for more favorable entry points. This could be part of a broader strategy to accumulate at lower prices, which is a common practice among investors with substantial capital at their disposal. However, it's important to remain cautious and consider that the market can be influenced by many factors, and the actions of large investors are just one piece of the puzzle.
The recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) is indeed a significant development in the cryptocurrency market, marking a milestone for crypto adoption. This decision, which came after more than 10 years of anticipation and several rejected proposals, has been met with a mix of reactions from the crypto industry. On one hand, it has been celebrated as a historic moment that could lead to a substantial influx of capital into Bitcoin, with estimates predicting upwards of $100 billion flowing into Bitcoin ETFs in the U.S. this year alone. The approval is seen as a nod towards the increasing market size and institutional interest in Bitcoin, with the market cap nearing $1 trillion and institutional giants like BlackRock joining the ETF race.
On the other hand, there's a discussion within the crypto community about the immediate impact of this approval on Bitcoin's price. Some analysts and industry observers are contemplating a "sell the news" event, where the price might experience short-term sell-offs as the ETF news might already be priced in. This sentiment is based on the theory that traders often capitalize on market movements by trading on rumors and tend to sell once the actual news is released, potentially at a profit. However, the price of Bitcoin before and after the approval has remained largely unchanged, suggesting that significant movements had already been anticipated by the market.
The overall market sentiment seems to be that while the approval is a positive step for the legitimacy and accessibility of Bitcoin, it may not necessarily result in an immediate dramatic price surge. This is partly because such significant events are often anticipated by the market, and their impact is reflected in prices before the actual event occurs. However, experts also note that the long-term implications of the ETF approval could still be bullish for Bitcoin, drawing parallels to the introduction of gold ETFs and their subsequent impact on gold prices.
The introduction of these ETFs has also highlighted the importance of collaboration within the industry to ensure robust safeguards against fraud and market manipulation, which is crucial for the continued growth and maturation of the crypto market.
In the context of the trading chart and the broader market dynamics, the negative momentum and declining volume in the face of such a significant event could suggest that larger market players may be waiting for more favorable entry points. This could be part of a broader strategy to accumulate at lower prices, which is a common practice among investors with substantial capital at their disposal. However, it's important to remain cautious and consider that the market can be influenced by many factors, and the actions of large investors are just one piece of the puzzle.
Comment:
Here we are retesting that ceiling, with a 90% possibility of a Batman pattern forming and ready to dive deep to the ocean floor at the $33000-$30000 level. Will this happen overnight? I dont know. All I know is that it is going to happen in the next coming weeks
Comment:
Strong buying pressure in key resistance prices has shifted the momentun and the course of this chart . Monthly and Weekly are in perfect harmony for Bullish trend continuation. 3 month timeframe momen tum is showing signs of blooming but it may get exhasusted if buying pressure dissapears in shorter timeframes leading to a massive pullback in the worst case scenario and making this idea a reality. As of now is all green lights but play with caution👍