The expected approval of a Bitcoin ETF in the United States could represent a typical ‘sell-the-news’ event, meaning a drop in the price of BTC, according to a recently published analysis by CryptoQuant.
Bitcoin ETF Approval On Reach?
CryptoQuant, an analytical platform specializing in the cryptocurrency market, highlights the potential in its recent analysis sell-the-news reaction due to the expected approval of spot Bitcoin ETF in the United States of America. A scenario where markets react by selling after an expected event or announcement could lead to a price decline bitcoin.
CryptoQuant analysis predicts that the price of the world’s largest cryptocurrency could fall as low as $32,000. The analyst firm’s estimate is supported by the observation that many investors in the bitcoin and ethereum markets have started to enter long positions en masse.
In addition, the increased volume of sales on Bitcoin and etherealalong with a persistent high indicator state Bull-Bear Market Cycle even after the end of the bull market phase, it also indicates the possibility of a drop in the price of the leading cryptocurrency.
Explore ETFs on the XTB platform
Sell the news in financial markets is characterized by the sale of shares, bonds, or other assets in response to positive news or events that were already expected and included in the market price. This phenomenon often occurs in situations where the market is anticipating a certain event, such as the announcement of a company’s strong financial results.
An example would be when a company is expecting a strong financial report. Investors may buy shares of this company in advance in anticipation of good news. Once positive results are announced, the stock may sell sell the newsbecause the expected value has already been factored into the stock price and further growth is unlikely.
Conclusion
How do you see the development? cryptocurrency this year? Where do you think the BTC price will end up at the end of the year? Let us know in the comments or on our social media. For more information, don’t forget to join ours too KRYPTOMAGAZIN CZ official Discord server, where more interesting content awaits you. For more information on cryptocurrency price developments, check out our regular technical analysis and streams. The CryptoQuant report can be found under the attached link HERE. [1]
2024-01-01 13:00:00
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