Home Bitcoin News Bitcoin ETFs Break Records with $4.6 Billion in Trading, but Price Hesitates at $45,000: What’s Next for Crypto Investors?

Bitcoin ETFs Break Records with $4.6 Billion in Trading, but Price Hesitates at $45,000: What’s Next for Crypto Investors?

Bitcoin ETFs have recently gained approval in the United States, marking a significant milestone in the cryptocurrency market. Despite a stellar debut with trading volumes surging to a staggering $4.6 billion, Bitcoin’s price has experienced a temporary stall, currently hovering around the $45,000 mark. Investors are closely monitoring the situation, grappling with concerns over whether the digital asset will break the $48,000 resistance or succumb to a short-term cap.

On the inaugural day of trading, industry giants Grayscale, BlackRock, and Fidelity led the way in launching Bitcoin ETFs, ushering in a new era for cryptocurrency investments. The immense trading volume on the first day set a record, showcasing substantial market interest. However, the paradoxical scenario unfolds as Bitcoin prices struggle to surpass the yearly high of $48,000 established at the beginning of the year.

At the time of writing, BTC has retracted to the $42,500 support level following an 8% dip in the past 24 hours. While the local support remains resilient, investors are wary that the digital asset might face resistance at the $48,000 mark. Notably, recent data indicates a decline in Bitcoin dominance, currently standing at 47.7%, down from 50%. Simultaneously, altcoins are thriving, with Ethereum (ETH) leading the pack with a remarkable 13% surge in the last 7 days.

Market observers are debating whether the recent surge in ETF-related optimism is transforming into a ‘buy the rumor, sell the news’ scenario. Data reveals that a significant portion of Bitcoin supply, a whopping 94%, is currently in profit, and some of it is making its way to exchanges after a prolonged two-year bear run.

Despite this temporary stall, seasoned experts express confidence in Bitcoin’s potential to surpass the $50,000 mark. One notable analyst, operating under the pseudonym PlanB, deems the approval of Bitcoin ETFs as one of the most bullish events in the digital asset’s history. PlanB predicts a climb to $55,000 in the coming weeks, foreseeing the ETF approval as a precursor to the upcoming Bitcoin halving.

The much-anticipated halving, scheduled for April, has historically proven to be a catalyst for bullish sentiments in the market. PlanB envisions Bitcoin concluding the year trading above $100,000, with a long-term projection of surpassing $500,000 by the end of 2025.

This optimistic outlook is echoed by other analysts, including Vivek, who shared with his 32,000 followers that BTC is poised to reach $150,000 post-halving. The consensus among experts is that by the end of the year, Bitcoin’s price will oscillate between $100,000 and $250,000. Cathie Wood, the CEO of ARK Invest, a company at the forefront of spot Bitcoin ETF launches, envisions a bullish scenario where Bitcoin could reach $1,500,000 by 2030, while in a bearish forecast, it could settle at $250,000.

Analysts speculate that the current market dynamics may be indicative of a ‘buy the rumor, sell the news’ scenario, where investors capitalize on profits following the much-anticipated Bitcoin ETF launch. Supporting this theory is data revealing that 94% of all Bitcoin supply is currently in profit, with some funds making their way to exchanges after a prolonged two-year bear run.

Despite the short-term setback, industry experts remain optimistic about Bitcoin’s future trajectory. Renowned Bitcoin analyst PlanB, known by the pseudonym, predicts a swift climb above $50,000 in the coming weeks. PlanB views the Bitcoin ETF approval as a pivotal moment in the digital asset’s history, foreseeing it paving the way for the upcoming Bitcoin halving scheduled for April. According to the analyst, BTC is poised to reach $55,000 soon, with expectations of surpassing $100,000 post-halving and closing the year on a bullish note.

This optimistic outlook is shared by other analysts, including Vivek, who anticipates Bitcoin reaching $150,000 after the halving. A consensus among experts suggests that by the year-end, BTC could be trading within the range of $100,000 to $250,000. Cathie Wood, CEO of ARK Invest and a key player in the Bitcoin ETF landscape, envisions a bullish scenario where prices could soar to $1,500,000 by 2030, while a bearish forecast places the figure at $250,000.

In conclusion, the Bitcoin market is experiencing unprecedented growth with the introduction of ETFs, despite the current price hesitation. The crypto community eagerly awaits the upcoming halving and remains optimistic about Bitcoin’s potential to break new records in the near future.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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