According to analysts, Bitcoin may be negatively affected by sales pressure in the short term.
Bitcoin, which rose above 49 thousand dollars after spot ETFs were approved in the USA, fell below 42 thousand dollars in the morning today.
Analysts of Japan-based cryptocurrency exchange bitBank, “Bitcoin may be vulnerable to selling pressure from profit taking in the short term, but thanks to low yields on US bonds and the market’s optimistic expectations for Fed rate cuts, Downside risks may be limited.” said.
BitBank analysts say Bitcoin price 40 thousand dollars He thinks that level is a psychological support point.
According to FxPro analyst Alex Kuptsikevich, Bitcoin’s decline to this level would be no different from typical corrections.
Decimal Digital Group founder Henry Robinson with ETFs pension funds, insurance companies and other organizations Will start investing in Bitcoin he thinks. However, Robinson “This may take several years, but as Bitcoin becomes more adopted and institutions that hold their own Bitcoin become more common, we expect the demand for ETFs to decrease.” said.