Bitcoin ETF's total trading volume in the past three days has approached 10 billion US dollars, but why is the price of Bitcoin stagnant? When will it surge?
Balchunas said that 10 billion is a terrifying number! #BTC
Among the ETFs listed in the United States, very few have achieved this level of performance. Bitcoin is likely to make history, but the price has not risen rapidly.
The main reasons are as follows:
- Market speculation is based on expectations:
The market has strong expectations for the Bitcoin ETF over the past six months, with an annual increase of more than double and a nearly 70% increase in the past six months. With the ETF approval now through, the expectations have decreased, and it is normal for the price to be in a tug of war. This is a process that all investment products will go through.
- Ethereum's rise and partial fund transfer:
There is speculation about the launch of the Ethereum ETF, and the upcoming Ethereum upgrade will provide more speculation space and cost-effectiveness compared to Bitcoin. Funds are expected to shift, so I recommended buying Ethereum during the most severe FUD period for this reason.
- Halving effect and miner decisions:
The halving events in 2012, 2016, and 2020 all led to a major bull market six months later.
Some people predict that after the halving in April 2024, the cost of Bitcoin mining will increase significantly. Miners are concerned that the increase in the hash rate of Bitcoin mining may lead to some miners wanting to sell a portion of their Bitcoin, which could also cause some selling pressure.
In summary, the fluctuation of Bitcoin in this price range reflects the uncertainty and hesitation of market participants after the approval of the spot Bitcoin ETF last week.
Currently, the long and short positions are in a tug of war. On one hand, the surge in institutional investment and ETF trading volume has brought about optimism, while on the other hand, there are concerns about the exhaustion of positive news, fund transfers, and potential selling pressure from miners.
So when will Bitcoin have a better surge?
Bitcoin has entered a new stage, which I believe is definitely the "beginning of a bull market" in the cryptocurrency circle. Regardless of the adjustments, it is already a great fundamental period compared to 2022 and 2023, so the best time to buy Bitcoin in this stage is now!
With the stimulation from the halving in 2024, the increase in market sentiment, and the inflow of funds after the ETF approval, personally, I believe that after the short-term consolidation and digestion of the halving impact, Bitcoin will show a significant increase in Q3 of 2024. As long-term HOLDERS, we should not consider the price of Bitcoin at any point in time, because it will eventually reach 1 million!
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