Bitcoin ETF

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-volatility-continues-experts-weigh-in/" data-wpel-link="internal">Bitcoin Price Volatility Continues: Experts Weigh In</a> 
<a href="https://en.coin-turk.com/bitcoin-and-ethereum-show-stability-amid-decreased-volatility/" data-wpel-link="internal">Bitcoin</a> price continues to fluctuate, and the high profitability has led to bold sell-offs. So, what’s next for crypto? Everyone is focused on ETF approval and we’ve seen notable entries. Although there were significant ETF purchases in just 2 days, profit-taking prevailed. Particularly with the weakening volumes, we saw that these profit sales pushed the price even lower. 
<h2 id="will-bitcoin-s-decline-continue">Will Bitcoin’s Decline Continue?</h2> 
BTC closed the last weekly candle with a very long upper wick in red. In the weekly chart, where a red and a green candle have alternated since the week of December 11, we see that the price has been flat for almost 7 weeks. Despite intermittent corrections since the beginning of 2023, the increasing BTC price had surpassed the $31,000 resistance and accelerated its rally in October. 
The upward movement caused the price to reach $49,000 the day after the approval of the Bitcoin ETF. However, Bitcoin fell significantly on January 13, creating a long upper wick and a bearish candle. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-302731 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/BTC-Grafik-Yorum-.png" alt="" width="1203" height="491"> 
Although the weekly RSI is above 50, it is weakening, and if we add the negativity in the price, the downward trend is obvious. 
<h2 id="experts-crypto-commentary">Experts’ Crypto Commentary</h2> 
An analyst known as AltStreetBet points out the bearish divergence in the weekly chart, predicting a significant pullback. Michael Poppe, on the other hand, writes that the Bitcoin ETF may signal a short-term peak, but the price will eventually reach higher peaks. 
<blockquote> 
 “However, in the short term, the Bitcoin price is likely to consolidate and take a breath. There are several reasons for this: – A rotation from GBTC to ETF requires a sale in BTC. 
 – Institutions rotating from spot Bitcoin to ETF to comply with the regulatory framework. 
 – Speculators and proprietary firms based on hype are selling (or being stopped) as the hype ends. 
 – The hype itself is temporarily halting the sudden enthusiasm to buy the real asset until a new event occurs.” 
</blockquote> 
Finally, JJCycles and Inmortal consider 2 different fractals from the years 2016 and 2019. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-302729 alignright" src="https://coin-turk.com/wp-content/uploads/2024/01/BTC-Fraktal-scaled.jpg" alt="" width="2560" height="1392"> 
According to these predictions, we could see a surprising drop to $30,500. However, we still do not know what BlackRock and others might do to revive the ETF excitement throughout the week. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-volatility-continues-experts-weigh-in/" data-wpel-link="internal">Bitcoin Price Volatility Continues: Experts Weigh In</a></h5>

Bitcoin Price Volatility Continues: Experts Weigh In

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