Bitcoin slips to USD 60,000 after third ETF launch – next target is USD 55,000?

Bitcoin fell to $ 60,000 today as the launch of a third Exchange Traded Fund (ETF) in the US failed to shake the sideways movement in prices.

Source: TradingView

The newest ETF, the VanEck Bitcoin Strategy ETF (XBTF), appeared in a completely different atmosphere later in the day, as Bitcoin seemed unaffected by the prospect of institutional participation.

Last week’s strategic Bitcoin ProShares ETF saw a boom when BTC / USD climbed to a new ATH.

Expectations remain highest, given recent post-move retesting, while research has argued that a drop to $ 50,000 will continue to sustain the general upward trend.

Even so, trader Cantering Clark believes Bitcoin could fall below $ 55,000 before climbing higher.

According to him, the price zones around $ 55,000 and $ 65,000 could be major entry levels for Bitcoin investors looking for a breakout race.

“In terms of change and wise capital spending, these are the only two areas that I find offensive. If the drop scares you, just look back at the same structure in February. “

The source: Gallop Clark / Twitter

The trader said he was waiting for Bitcoin to decide between yet another retest or an immediate breakout before entering another position.

Cantering Clark’s prediction for a possible decline to around $ 55,000 came as he highlighted Bitcoin’s outstanding performance after briefly breaking its previous all-time high of around $ 64,000.

“One problem with Bitcoin in particular is that everyone looks at past cyclical behavior to confirm current behavior in just over a decade. After going through the context and mode changes, you should expect new things to happen. For example the arduous ATH break …

To the right. Boring. If one level is deemed very important by the market, the response and participation at that level must be considerable. “

Altcoins “Copy-paste” bull run at the beginning of the year

In the case of the large altcoins, the intraday behavior hardly changed, with ether stagnating at USD 4,150.

Source: TradingView

The top ten cryptocurrencies by market capitalization have also remained largely unchanged over the past 24 hours – a rare downturn for an asset class that’s been volatile this month.

“We know this structure before, where there were also retests before we moved forward,” said analyst Michaël van de Poppe in his latest YouTube update.

He then forecast a profitable “copy-paste” scenario with an unpredictable time frame from the beginning of 2021.

“The profit is often higher than one would expect.”

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Annie

Bitcoin magazine

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