The leading cryptocurrency Bitcoin continued its downward trend and fell to $ 38,000 after the SEC announced its decision on spot Bitcoin ETFs.
While investors were wondering whether this decline will continue, a new report came from Matrixport.
Matrixport analysts said in a report published on January 26 that they predicted Bitcoin would fall to the $36,739 support level.
Analysts stated that they think the decline in BTC will return to the $ 36,700 level and said that the price will recover from this support level as the general liquidity and macro environment remain supportive.
Finally, analysts evaluating the relationship between TrandFi and Bitcoin ETF pointed out that the transaction volume of BlackRock's iShares Bitcoin Trust has decreased by 50% since the first trading day.
At this point, analysts say investor interest has and will wane as TradeFi shows that current interest in spot ETFs from traditional finance is not as strong as initially expected.
Bitcoin continues to trade at $40,000 at the time of writing.
Just because these analysts predict a decline or know a decline in their previous predictions does not mean that Bitcoin will fall again. Although the report focuses on the possibility of a correction, do not make your investment decisions based on a single data or report. These reports are helpful data that are not accurate, have a margin of error, and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.