Here’s why analysts claim “No FOMO” when launching Bitcoin ETF

The launch of a Bitcoin Exchange Traded Fund (ETF) has led some analysts to claim that Bitcoin is headed for the $ 100,000 mark, but others warn that a short-term retreat is possible.

The day traders have long been waiting for is near. ProShares‘ Bitcoin Strategy ETF is set to start trading today (Oct. 19), and analysts predict that several more ETFs will hit the market in the coming week.

Data from TradingView shows that the bears attempt to break below the $ 60,000 mark was well defended by traders, seeing a retreat in the region from $ 61,000 to $ 62,000 at press time.

Bitcoin 1 day frame price chart | Source: TradingView

While many have predicted that the launch of an ETF will be the fuel needed to propel Bitcoin to the $ 100,000 mark, not all analysts agree, and some warn that the event could be a huge hit ” Event.

A higher ground will be action price Bitcoin is normal

Twitter user “Cry me a $ COIN” is not entirely enthusiastic about the idea of ​​a Bitcoin futures ETF, arguing that recent price movements are only part of a normal BTC price cycle.

https://twitter.com/crymeaCOIN/status/1449773882106335234?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“I don’t like the ‘ETF will / will be approved’ hype. Don’t be surprised by a higher low. It won’t change, and that’s the beauty of it. “

According to the graph above, there is a chance Bitcoin will cross the $ 68,000 mark in the next few months before falling to a higher low near $ 46,000.

‘Ryan Cantering Clark’ too expressed same point of view, suggesting that so far “trading has long shown approval of ETFs” and here we are, so what brings us higher in the short term?

“Everyone knows this is going to happen, so I think there will be a deeper retreat in the short term.”

FOMO people watch out

David Lifchitz, Managing Partner and Chief Investment Officer at ExoAlpha, provided an in-depth analysis of what might happen next. He suggested that there might be a small pullback, especially after the $ 40,000 sell-off that caused Bitcoin to surge by 50%.

While Lifchitz pointed out that “it will definitely be higher in the medium term,” Lifchitz warned potential buyers, saying, “These Bitcoin ETFs, which are based on CME futures to track BTC price, will be lower due to ongoing costs than the price of Bitcoin on the spot futures transfer market. “

Lifchitz also noted that professional traders will likely continue to use bitcoin futures on CME or crypto derivatives exchanges for their trading needs, while long-term investors are well equipped to trade and store bitcoins directly on the spot market.

“So these ETFs are likely to be a simple Bitcoin approach for retail investors who don’t like to risk their broker accounts that don’t get full BTC after the fee has been deducted. These ETFs also offer arbitrage opportunities for smart traders. Wall Street is at its best. “

Bitcoin will hit $ 90,000 when the classic cup-and-handle pattern is complete

Another scenario that should also be considered was presented by “Nunya Bizniz”, who outlined a bullish scenario for Bitcoin.

https://twitter.com/Pladizow/status/1450114384634781701?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“BTC Daily: If there is a correction, maybe something like that?

Huge mug with handle. What do you think?”

As seen in the graph above, Nunya Bizniz believes that in the near future, BTC price is likely to return to the support level of USD 53,000 before resuming its upward trend.

He believes that after Bitcoin pulls back to touch fundamental support, it can then soar to $ 98,000.

Bitcoin 1-day frameset with cup-and-handle pattern | The source: Twitter

The total capitalization of the crypto market is currently $ 2,463 billion and the dominance of bitcoin is 47.3%.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Mr. Teacher

According to Cointelegraph

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