This is why analysts said “no FOMO” before the launch of the Bitcoin ETF


The long-awaited day for crypto traders is coming. At the opening of the market on October 19, ProShares plans to launch futures-based BTC ETFs, and analysts predict that more ETFs will be launched in the coming week.

Data from Cointelegraph Markets Pro with Transaction view It shows that the bears’ early morning attempts to bring the price back below $60,000 have been fully defended by traders, who are playing a tug of war in the $61,000 to $62,000 area at the time of writing.

BTC/USDT 1-day chart. source: Transaction view

Although many people predict that the launch of the ETF is the fuel needed to push BTC to the $100,000 mark, not all analysts agree with this view. Some people warn that the event may be another “buy rumors, sell news.” “event.

Higher lows will be “normal” price movements

A trader who is not completely obsessed with the idea of ​​BTC futures ETF is a Twitter user “Cry me a $COIN”. He posted the following tweet, implying that the recent BTC price trend is only part of the normal price cycle.

Based on the price path outlined in the above chart, Bitcoin may break through $68,000 in the next few months and then go lower, establishing a higher low near $46,000.

Similar emotions are Express The author is “Ryan Kantlin Clark”. He said that so far, “the transaction has always been “long-term ETF approval.” We are here, so what else can make us go higher in the short term?”

Clark said:

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

FOMO buyers beware

ExoAlpha’s managing partner and chief investment officer David Lifchitz conducted a more in-depth analysis of what might happen next. Lifchitz suggested that there may be a slight correction, “especially after the surge from $40,000 two weeks ago”, which means that BTC has risen by 50%.

Although Lifchitz stated that “it looks definitely higher in the medium term,” the analyst warned potential buyers. He said: “Due to the ongoing cost of futures rollovers, the performance of these Bitcoin ETFs based on CME futures tracking BTC prices will Below the spot price of Bitcoin.”

According to Lifchitz, professional traders may continue to use Bitcoin CME futures or crypto derivatives exchanges to meet their trading needs, and “long-term cryptocurrency investors have the ability to directly trade and store Bitcoin cash.”

Lifchitz said:

“Therefore, these ETFs are likely to be simple bitcoins that allow unskilled retail investors to obtain bitcoins through their brokerage accounts. After calculating all the fees, they will not be able to get the full return of BTC. These ETFs are also It will bring arbitrage opportunities for smart traders. Wall Street is at its best.”

related: Bitcoin RSI strength indicates that BTC price is still far from the top of its cycle

If the classic cup and handle formation worked, the price would be $90,000

Anonymous Twitter user “Nunya Bizniz” provided the last scene worth paying attention to. He posted the following tweet outlining the bullish scenario of Bitcoin price movements.

As shown in the chart provided, the analyst stated that the BTC price may fall back to the $53,000 support level in the short term before it resumes its upward trend.

Traders believe that after the price falls and touches potential support, BTC can Squeeze up to 98,000 USD.

BTC/USD 1-day chart.Source: Twitter

The overall cryptocurrency market value is now $2.463 trillion, and Bitcoin’s dominance rate is 47.3%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.