Investors point to favorable time to buy Bitcoin ahead of growth
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Investor and crypto analyst Rekt Capital believes that the price of Bitcoin (BTC) may soon fall to $37,000.
The expert said that a drop of more than $5,000 in Bitcoin from current levels could be considered a healthy recovery. He recalled that the first cryptocurrency experienced similar price movements, a pattern that has historically contributed to the overall health of the cryptocurrency market.
Additionally, with the Bitcoin halving approaching, any deeper corrections during this period could provide investors with excellent bargain opportunities.
Currently, the price of BTC is $42,500. Over the past year, the price of the first cryptocurrency has increased by nearly 160% from $16,600 at the beginning of last year. However, there have been no significant price changes over the past month.
QCP Capital analysts also talked about the decline in Bitcoin prices in January. According to them, the launch of the first spot Bitcoin exchange-traded fund (ETF) is less than three weeks away. Its approval may be announced at the close of trading on January 5, 2024, or between January 8 and 10, 2024.
Bitwise, Valkyrie, Fidelity Investments, ARK Invest, Grayscale and others are also waiting for SEC approval of spot Bitcoin ETF applications. The deadline for regulators to make a decision on the Bitcoin ETF application is set for January.
