To Sell or Not to Sell? Decoding the Crypto Chessboard with Bitcoin ETF Approval on the Horizon
Is it time to hit the panic button and sell your #Bitcoin now? The market has supposedly reached its peak, or has it? The looming question revolves around whether the approval of Bitcoin ETFs will trigger a 'sell the news' event.
Looking back to 2017, the launch of bitcoin futures by CME, the world's largest futures exchange, marked the best day to sell as Bitcoin soared to $19.6k. In 2021, a similar scenario unfolded with the Coinbase IPO, where Bitcoin reached just under $69k. Both events, despite significant media coverage and institutional acceptance, witnessed a price dip – a classic 'buy the rumor, sell the news' situation.
As we approach the potential approval of Bitcoin ETFs on January 10th, 2024, the question arises: will this be the opportune moment to sell? With Bitcoin currently hovering around $47k, the run-up from the cycle low of $15.5k is approximately 3x.
Even if Bitcoin spikes to $69k by launch day, it would only be a 4.5x increase from the cycle low, indicating that we may not have hit the top yet. Another crucial factor is the upcoming Bitcoin Halving, set to occur in the next 3.5 months, adding a supply shock element to the equation.
While a small sell-off post Bitcoin ETF approval is anticipated due to profit-taking by some market players, swift buy-ups may follow, similar to the trajectory seen after the introduction of the first Gold ETF in 2004. Despite a brief 'sell the news' event, gold experienced a bullish trend for the next 5 years.
Share your thoughts on whether Bitcoin is gearing up for a similar journey.
Comment below and stay tuned for more insights into the crypto chessboard.
Like, share, and follow
@MemeLauncher for in-depth analyses and discussions. If you found this article valuable, consider tipping to support our ongoing exploration of the crypto landscape. Your input matters in shaping the conversation in the crypto space. 🚀
#BTC!💰 #BTC! #BTCETFSPOT #BTC