Topic: Post-ETF effect: Has Bitcoin Bottomed yet? - page 3. (Read 545 times)

Does anyone know how we can track how much BTC Grayscale has sold so far? I know how much colder potentially be sold but no idea how much has been sold so far in order to realistically know when to expect buy pressure to pick up. The temporal downtrend will end when Grayscale finishes selling BTC. We'd have interesting times ahead. I'm even surprised that BTC is still above the $40K level. It should be somewhere around $35K judging from the selling pressure in recent days.

Buy on strengths rather then the hope of ceased weaknesses.   We can go sideways while not really resolving anything, at present I'd put us into a downtrend until proven otherwise.  Reasoning being multiple fronts or questions over momentum and resolution of the selling as OP  mentions.  So since the 8th of Jan its possible to draw in a downtrend that though challenged has not yet been negated fully, wait for that to play out before assuming we can resume upwards.  I think we face multiple hurdles in that respect still.

I think there will be more minor dip, if I'm not mistaken, CME’s Bitcoin futures contract which expires every last Friday of the month, is going to put a lot of selling pressures this 26th. So not to burst the bubble, who knows, maybe we can go as low and break $40k again, just saying.

If the price will not go down, or there will be no selling pressures, then good, but from what I have observed, when we are close to CME or even CBoE expirations, regardless of Post-ETF effect, prices will go south.

I don’t see us reaching the bottom already. The market is still very much volatile and that can be said from the massive sell off. ETF will still play a significant role in this market, maybe not now but very soon before the halving will take place. The direction it is going now was now expected by anyone and when we are all carried away from the thought of it that is when I think it will show its true effect to the market. As we await the halving and not knowing when the bottom will be reached, it is better to continue accumulating before it recovers and start going up in price again.

it hasn't bottomed yet that's what they say. some analysis i've read was that the bottom price could be $32k. if what they are saying is true then there is a chance that a huge dump will come before the bounce that will trigger the massive bull run.

i think it will take weeks before the price bounce. it's a gradual decline in price that is torturing holders on whether to decide to sell or not.
here's a good example https://twitter.com/naiivememe/status/1747997275887136938

I never expected bitcoin to act anything otherwise to what it current price and market conditions are, many times, it is proven already that bitcoin doesn't follow any particular directions and at that, bitcoin would just act accordingly to what pressure the market positions brings it ways.

So it was just based on speculations that many believe that bitcoin ETF approval will trigger the market uptrend, well bitcoin is not a rocket science tools and for that, bitcoin mostly never follow the hypes and trends but then this can have a long terms effects on the price of bitcoin in the long run.

I don't think we can assume bottoms in the near future until Grayscale sells whatever amount of BTC they need to sell. Safe to assume that they've been a good chunk of the sell pressure we had since few days ago; and the selling should continue on Monday.

From my analyses, if there would be any bear market that will significantly make bitcoin to stay below $40000, the price will still likely bounce back above $40000. But if it continues and stay for a long time without bouncing back or getting below the price several times, more bearish market may get the price fall to $38000 but which might get to $36500 if the bears continue to dominate. But I can see another resistance at $38000-$38500.

But bitcoin price is not predictable, anything can happen, the price might fall more, but the chance is less likely. But if bitcoin the price fall more, it is highly predicted that the price will never fall below $30000 ever again even if it falls to $30000.

The best that can be done is to DCA so that you can buy at varying price. I do not think the price of bitcoin will increase for now. What we are waiting for now is halving and its positive effect on bitcoin price.

The Bitcoin ETF saga of approval/rejection has finally been put to rest as the "approval" finally has it. But the market has never greeted it with much excitement as it sold on that very day of approval but rose sharply to hit a little above $49,000 the next day before plummeting ever since then. This is no doubt a short-term setback for Bitcoin even as we expect the positive effect of halving on the coin. Also, I hope that this short-term bearish trend, (perhaps I should call it a correction of the main bullish trend) will not grow into a more determined bearishness that will put the coin under further pressure.

As it is now, since last week, I knew that Bitcoin would fall but I expected it to be held by the support level of the 1D Fibo level of 38.2% at $40243 as you can see on my chart below. The market hit the level yesterday and sharply rebounded to record a daily high of $42,143. This indicates that it respected the level and buyers pended their position at the level or closer levels. A sustainable bullish price action above the level, in my opinion, might be the end of the recent bearish view and will bring about the resumption of the whole bullish trend to retarget above $49,000.

But first, the resistance level of the 1D Fibo level of 23.6% at $43,606 must be successfully breached higher, while a daily close above the level will ascertain it. However, a successful breach of the 1D Fibo level of 38.2% at $40243 will cause more bearish pressure that will eventually unveil $37,519, which is the 1D's 50% Fibo level before any bullish consideration will ever be possible.

This is my view guys. What are your views about the current Bitcoin status?