- Will BTC drop in price value giving the right time for investors to invest?
- Traders believe that the approval of Spot ETF might push BTC above $85K.
- But rejection of Spot ETF has resulted in bad mood for investors.
The whole world has submerged in the concept of cryptocurrencies believing that the crypto industry is the future of the financial sector. Bitcoin being the king of cryptocurrencies has a separate group of investors and audience attracting with its phenomenal growth. The recent surge in BTC price value has given a sweet spot for the investors of the crypto industry.
Currently, the BTC price value is at the tipping point remaining at the trading level of $64,000 while supporters are on the nerves. Following the SEC’s rejection of VanEck’s spot ETF application, there is a possibility for BTC’s value to drop. On November 12th, massive sell orders swept in, threatening hedge domination of the main asset.
Significantly, most of the traders were hoping that the approval of Spot ETF might help BTC to march above $85K. Unfortunately, this rejection has put the traders in a depressed state while expecting more dips on the way. Following the dips in the price value of BTC, investors will get a fine opportunity to purchase.
Upcoming Bear Market
According to Will Clemente, a crypto analyst, the pivotal area for Bitcoin bears may be further away than thought. Moreover, the analyst was concerned about the decline of BTC open positions and the flat funding rate. The most recent dip reflects institutional traders’ caution.
BTC funding rates have calmed down across the board.
A lot of the greed in the Bitcoin market has been neutralized, for now. pic.twitter.com/gPaKjTsbre
— Will Clemente (@WClementeIII) November 13, 2021
As per an on-chain crypto platform, one-month futures interest is trending sharply downward which implies the investors are trading at a loss. This depicts a sign of an impending bearish market in near future.
Collectively, crypto enthusiasts and supporters agree that the recent dip in Bitcoin value is the right time to invest. Analyst Micheal Van De Poppe is optimistic about the probable approval of the Spot ETF. He stated that the most recent rejection would be for the closing of loopholes and the opportunity to buy while digital assets are still inexpensive.
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