Bitcoin ETF

Bitcoin

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-market-correction-analysts-predictions-and-binances-role" rel="noopener noreferrer nofollow">Bitcoin Market Correction: Analysts’ Predictions and Binance’s Role</a> 
The excitement surrounding the long-awaited <a href="https://en.bitcoinhaber.net/elon-musk-sparks-debate-on-cryptocurrency-use-on-mars" rel="noopener noreferrer nofollow">Bitcoin</a> ETF has diminished, leading to a market correction. Analysts were correct in predicting a pullback post-ETF launch, with a potential for a more significant price drop due to decreased interest in Bitcoin on major exchanges.
On January 15, crypto commentator ‘MartyParty’ suggested that Bitcoin would face a ‘Royal Flush’ event before its halving, as seen with Binance, which maintains a daily volume of approximately $34 billion despite past events, keeping it as the largest exchange by volume.
MartyParty added that events triggering a $39,500 price could liquidate all long positions opened since December 4. This is expected to resemble the pre-halving cycle, potentially resulting in a 20% correction.
Recalling the 50% market correction in 2020, which was not solely due to the halving but also coincided with the onset of COVID-19, analysts also consider a 30% pullback possible, which could drive Bitcoin’s price down to $32,800, clearing all long positions since October.
The analyst expressed that such a correction would open doors for highly desirable new long positions and spot entries for Bitcoin and altcoins. Another prominent analyst, CrediBULL Crypto, noted the significance of a bearish weekly candlestick closure but suggested a bullish structure upon closer inspection. Bitcoin’s price experienced a drop to $41,750 with the Asian market opening but later recovered to $42,700, following a spike to $49,000 the previous week due to ETF excitement.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-market-correction-analysts-predictions-and-binances-role" rel="noopener noreferrer nofollow">Bitcoin Market Correction: Analysts’ Predictions and Binance’s Role</a></h5>

Bitcoin Market Correction: Analysts’ Predictions and Binance’s Role

BH NEWS

Other articles published on Jan 15, 2024

Elon Musk’s X Bags Money Transmitter License in Utah

🗒 Daily Newsletter | Monday, January 15th, 2024

How to Start Margin Trading on KoinBay?

Popular Analyst Reviewed Bitcoin and Dogecoin: "BTC Drops, DOGE Gives a Bullish Signal!"

Weekly Crypto Preview: 5 Crucial Stories You Shouldn’t Miss

BlackRock’s ‘Dull’ Bitcoin ETF Ad Raises Eyebrows in the Crypto Community

Join our free newsletter for daily crypto updates!