Bitcoin Surges Past $41K, But Analysts Predict Correction Post-Spot ETF Approval
Portfolio Pulse from Khyathi Dalal
Bitcoin's price surpassed $41,000, reaching a 1.5-year high. Analysts predict a potential correction following the approval of Spot Bitcoin ETFs, suggesting the current rise is driven by 'Buy the rumor, sell the news' behavior. Despite reaching annual highs multiple times in 2023, analysts caution that institutional buying may not be immediate post-ETF approval, and a correction to $30,000 could be healthy.
December 04, 2023 | 3:27 pm
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Bitcoin has surged past $41,000, but analysts forecast a correction after the approval of Spot Bitcoin ETFs, indicating a potential short-term price drop.
The article suggests that the current price increase is speculative, anticipating the approval of Spot Bitcoin ETFs. Historically, such speculative runs are often followed by corrections when the anticipated event occurs, as traders take profits. The prediction of a correction to $30,000 by analysts indicates a significant potential drop in the short term.
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