Given last week’s euphoria as Bitcoin soared above $73K apiece, many are now stunned by the pace of the $63.3K correction. The negative part of the crypto community only adds fuel to the fire. I’m sure crypto enthusiasts don’t really need reassurance or guidance, but I would like to point out one thing that we often overlook: market life is filled with ups and downs, period. We saw this in March 2020 when the price went from $8k to $3.9k in just two days; we saw this in November 2021 when the price fell to $45k after previous weeks of gains. We’ve seen it all, nothing unusual.
This was stated by Founder of White Rock Management, partner at Bitcoin Magazine, entrepreneur Serhiy Tron on his Facebook page.
Negative news, such as the story with the FTX exchange, can put pressure on the market. In addition, there is the usual profit-taking, which is exactly what happened. Since the essence of ETFs is to fix profitability for clients of investment funds. Many said it would happen, and it did: once the price of Bitcoin reached $73k, holders converted their digital assets into profits – hence the pullback in the price department. But this event only once again confirms the effectiveness of the bitcoin ETF as a result of an investment mechanism in the system of the new world economy. What I’m interested in now is: what price will the market consider to be the lowest before large holders return to the buying game?
The analyst Serhiy Tron is convinced that buying will follow and the price of BTC will rise again. Given some leftovers before the halving or almost no wiggle room in April, we’ll have to wait and see. In any case, I would like to believe that investors will resort to restrained decision-making tactics that they will not regret in the future. They should also never give up on keeping their eyes open. I also noticed that new, more optimistic exchange rate forecasts (for BTC) continue to appear, despite the fact that prices are currently declining. For example, on the same Monday, analysts at the British bank Standard Chartered (a company listed on the FTSE 100 exchange) increased their initial forecast by a solid $50 thousand: they expect BTC to reach $150 thousand by the end of 2024, $250 thousand by the end of 2024 of the year. 2025. Like many other market players, these analysts note the potential of an as yet unexplored spot BTCETF.
Personally, Serhiy Tron have no doubts that bitcoin ETFs are at the beginning of their journey and have plenty of time to demonstrate the full range of possibilities; in combination with some other fundamental factors (halving, easing of monetary policy by key global banks) they will contribute to further growth in the price of Bitcoin. I stay cool and collected as long as I keep my crypto handy.
