On October 19, the first Bitcoin (BTC) exchange-traded fund (ETF) made its way to Wall Street, listing ProShares Bitcoin Strategy (BITO) which started trading on the New York Stock Exchange NYSE. The fund saw a little over $1 billion in trading volume at the end of its opening day, while Bitcoin price also rose to a new all-time high of $67,000.
Not too long after however, the spot gains reversed, and by Saturday Bitcoin price had returned to levels even below the $60,000 mark, thereby raising concerns about selloffs — those selloffs that almost routinely follow after a major crypto products launches on Wall Street.
What experts/analysts are saying with regards to Bitcoin Price correction
A renowned independent analyst, Nunya Bizniz took to Twitter in an effort to analyse the present situation based on past events. Recalling two of such major events as the launching of ProShares Bitcoin ETF: firstly, the listing of the first Bitcoin futures on the Chicago Mercantile Exchange (CME) and then the time when Coinbase’s stock (COIN), debuted on the Nasdaq stock exchange.
Each of those times, Bitcoin would rally towards a new all-time high, before plunging to untenable lows.
For instance, Bitcoin first rallied to its then all-time high of $20,000 on Dec. 18, 2017, when CME launched its Bitcoin Futures product. But the launch eventually culminated into Bitcoin plunging to around $3,200 some twelve months later.
In quite a similar fashion, COIN’s debut on Wall Street in April this year, also saw Bitcoin rallying to a new all-time high around $65,000 some ten days after. However, the rise was short lived yet again, bringing BTC to as low as $28,800.
Now despite all of the bearishness usually linked with high-profile Wall Street crypto listings, some analysts are still of high hopes that this time will be different. The likes of Todd Rosenbluth, head of ETF and mutual fund research at CFRA, and Noelle Acheson, head of market insights at crypto trading firm Genesis, believe that Bitcoin ETF’s impressive debut of this month would result in very little downside moves in the spot BTC market.
In all of this though, one thing remains certain. While some experts expect multiple-month slumps, others expect slumps that may not be for too long. So in any case, and from all indications, a slump in price is expected
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