The spot ETF approval excitement in Bitcoin did not result as expected and there was an event of selling the news.
This shows that bearish predictions against BTC are justified and ETF approval has been priced in over the past months.
Evaluating Bitcoin's post-ETF price movements and the impact of approval on the price, bitBank's analysts said that the approval of spot bitcoin ETFs in the US is highly anticipated and well priced.
Analysts speaking to Coindesk said ETF approval would likely mark a peak in terms of price in the short to medium term.
“Bitcoin may be vulnerable to profit-taking selling pressure in the short term, but downside risk may be limited given low US treasury yields and the market's optimistic outlook for early Fed rate cuts.
At this point, the decline in BTC may continue for a while, but the psychological level of $ 40,000 can be considered as a support level for Bitcoin in the near term.
Afterwards, ETF approval will positively affect the BTC price and there will be a peak in terms of price in the short to medium term.”
Apart from BitBank analysts, FxPro analyst Alex Kuptsikevich also evaluated the BTC price.
“Given BTC's over 150% price performance in 2023, a correction of at least $40,000 in Bitcoin would be within typical correction limits.
Therefore, as the demand for ETFs increases, the long-term BTC upward trend continues.”
Bitcoin is at $42,600 at the time of writing.
*This is not investment advice.
