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The price of Bitcoin (BTC) is poised for a potential correction following the approval of spot Bitcoin exchange-traded funds (ETFs), according to experts. 
Bitcoin has witnessed significant gains over the past 11 months, driven by various factors such as banking uncertainty, the filing of a spot Bitcoin ETF by BlackRock, and optimism surrounding ETF approvals. 
On December 3rd, Bitcoin reached a 19-month high by surpassing the $40,000 mark. 
James Edwards, a cryptocurrency analyst at Finder, suggests that the approval of a spot Bitcoin ETF could trigger a “sell-the-news” event, which is a situation where an asset rises in anticipation of positive news but declines once the news is confirmed. 
Edwards believes that widespread institutional buying may not happen immediately upon ETF approval and could take months or even years to materialize. 
However, not everyone is convinced that a significant correction is imminent. 
Ryan McMillin, the chief investment officer at Merkle Tree, acknowledges that Bitcoin has gone without a correction for over 100 days, indicating an increased risk of correction. 
Still, he believes that the high anticipation surrounding spot Bitcoin ETFs will likely lead to a quick recovery in the event of a sell-off. 
CK Zheng, co-founder of ZX Squared Capital, predicts that any price pullback in Bitcoin will be shallow due to strong fundamentals. 
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Factors such as the upcoming Bitcoin halving, extensive money printing by global central banks, and ongoing geopolitical uncertainty contribute to the cryptocurrency’s resilience. 
Despite the logical expectations of a correction, cryptocurrency remains a “wild card” in the financial markets. It often defies conventional wisdom, and market movements may not align with logical predictions. 
Looking ahead to December, analysts do not anticipate a loss of momentum for Bitcoin. Institutional investors have reportedly been speculating on ETF approval, with increased inflows into existing Bitcoin futures ETFs in recent days. 
This suggests that prices may remain relatively stable as investors await confirmation, either from technical charts or an official ETF approval. 
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Crypto lawyer Joe Carlasare sees “little chance” of a significant Bitcoin correction before ETF approval, as the market is only weeks away from the likely approval date. 
Henrik Anderrson, Chief Investment Officer at Apollo Capital, believes that the approval of multiple spot Bitcoin ETFs could redirect mainstream attention towards the cryptocurrency market. 
The industry is eagerly awaiting a potential approval window between January 5th and 10th, 2024, which could have a substantial impact on Bitcoin’s future performance. 
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Bitcoin Price Rally Continues Amid High Anticipation for Spot ETF Approval

Crypto Intelligence

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