Here’s why analysts say “No FOMO” prior to Bitcoin’s ETF launch

The day that crypto traders have long been waiting for is near. When it opens on October 19, a ProShares-based BTC futures ETF is slated to hit the market, and analysts predict that more ETFs will hit the market in the coming week.

Data from Cointelegraph Markets Pro and TradingView show that the bears’ attempt to break below $ 60,000 early in the morning was well defended by traders and was a tug of war at the time of their writing.

While many have predicted that the launch of an ETF will be the fuel needed to push BTC down to the $ 100,000 mark, not all analysts agree, and some are warning that the event could be a hit.

Higher lows would be “normal” price movements

One trader who isn’t quite as enthusiastic about the idea of ​​a BTC futures ETF is Twitter user “Cry me a $ COIN,” who posted the following tweet suggesting that the latest BTC price action is just one Part of the normal price cycle.

I don’t like the “ETF is / has been approved” mood. WAGMI “.

Don’t be surprised by higher lows. It won’t change, and that’s the beauty of it.$ BTC pic.twitter.com/HJ6GyZtaMr

– cry a $ COIN for me (@crymeaCOIN) October 17, 2021

According to the price path outlined in the graph above, Bitcoin is likely to drop below $ 68,000 in the next few months before moving down to a higher low near $ 46,000.

A similar feeling is expressed by ‘Ryan Cantering Clark’ who suggested that “trading has been ‘long-term ETF approved’ so far and here we are, so something else is taking us much higher in the short term.”

Clark says:

“Everyone knows where this is going, so I think we have a deeper decline in the short term.”

FOMO buyers take note

David Lifchitz, Managing Partner and Chief Investment Officer at ExoAlpha, provided an in-depth analysis of what might happen next. Lifchitz hinted that a small pullback may be on the horizon, “especially after the massive drop from $ 40,000 just two weeks ago,” which caused BTC to surge by 50%.

While Lifchitz suggests that “looks higher than safe in the medium term,” the analyst cautioned potential buyers by saying, “These Bitcoin ETFs are based on CME futures in order to track them. The BTC price is based on the Bitcoin price be inferior to ongoing transfer costs for futures contracts. ” . “

According to Lifchitz, professional traders will likely continue to use CME Bitcoin futures or crypto derivatives exchanges for their trading needs while “long-term crypto investors.”

Liftchitz said:

“So these ETFs will likely be a bitcoin that is easily accessible to inexperienced retail investors with their broker accounts who don’t get the full BTC return after all fees have been collected. These ETFs also offer arbitrage opportunities for smart traders. Wall Street is at its best. “

Related: Bitcoin RSI strength shows BTC price still far from its cycle peak

$ 90K BTC price when playing Classic Cup and Lineup games

One final scenario to watch out for was suggested by Twitter user Nunya Bizniz, who posted the following tweet outlining a bullish scenario for Bitcoin’s price action.

Daily BTC:

“IF” will there be a correction, maybe something like that?

Huge cup and handle.

What do you think? pic.twitter.com/LPSQ0320zl

– Nunya Bizniz (@Pladizow) October 18, 2021

As can be seen in the graph provided, the analyst anticipates that BTC price will likely drop back to the USD 53,000 support in the near future before resuming its upward trend.

Trader believes that after price falls to touch fundamental support, BTC may squeeze up to $ 98,000.

The total crypto market cap is $ 2.463 trillion and the dominance of bitcoin is 47.3%.