Analyst Says Bitcoin (BTC) Price Most Likely Hit Bottom Already, Here’s Why
With the Bitcoin (BTC) Price recovering from the recent dip, the crypto market is yet to see a full-fledged correction in terms of altcoin prices. The top cryptocurrency is currently at almost zero percentage change compared to a week ago, possibly owing to the S&P 500 Index reaching its all time high recently.
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Bitcoin Bottomed Out Already?
Analyst CrediBULL Crypto said he was expecting that the Bitcoin price would bounce back closer to the $40,000 range following the cryptocurrency’s dip to the $38,000 range last week. This, however, comes with the risk of yet another drop further to around $37,000 but not below the $36,000 level. Hence, it remains to be seen if the BTC Price has already bottomed out in the recent wave in the context of the approval of the spot Bitcoin ETF filings by the U.S. Securities and Exchange Commission (SEC).
He expects that there could be a significant selling pressure for BTC in the current zone as the bounce from recent lows could trigger profit taking but there is little scope for lower lows below $40,000. If this scenario holds true, it is likely that the Bitcoin bottom is already in, he added.
Bitcoin ETF Impact
The analyst explained that the performance of the Bitcoin ETFs have had a net positive effect as there were more inflows to all the other ETFs despite the outflows from the Grayscale Bitcoin ETF. On January 26, 2024, the Grayscale Bitcoin spot ETF (GBTC) saw a net outflow of $671 million, which was a a record for the ETF’s largest single day net outflow. The Grayscale ETF’s cumulative net outflows have reached $5.46 billion, and it still holds $19.99 billion in net assets.
Earlier, CoinGape reported that the bullish wave for the S&P 500 index may reflect positively for the BTC Price.
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