Bitcoin ETFs have made a historic debut in the U.S., led by Grayscale, BlackRock, and Fidelity, with trading volumes reaching a record-breaking $4 billion on the first day. Despite this, Bitcoin (BTC) prices have struggled to surpass the yearly high of $48,000, causing concern among investors. At the time of writing, BTC has fallen to trade at the $42,500 support following an approximately 8% drop in the last 24 hours.
There are fears that the digital asset’s value could be capped at the $48,000 resistance. Current data indicates that BTC is losing ground to altcoins, as evidenced by a drop in dominance from 50% to 47.7%. Altcoins, particularly Ethereum (ETH), have been performing well, with ETH experiencing a 13% surge in the last week.
There is speculation that this could be a ‘buy the rumour, sell the news’ scenario, with investors now taking profit. This is supported by data showing that 94% of all Bitcoin Supply is in profit, some of which is being moved to exchanges after a two-year bear run.
Despite the short-term stall, experts remain confident that BTC will soon climb above $50,000. A Bitcoin analyst known as PlanB predicts that BTC will reach $55,000 in the coming weeks. This analyst believes that the Bitcoin ETF approval is one of the most bullish events in the digital asset’s history and expects this to pave the way for the upcoming Bitcoin halving.
The halving, scheduled for April, has historically been one of the most bullish events. PlanB predicts that Bitcoin will end the year trading above $100,000 and will be trading above $500,000 by the end of 2025. This prediction is echoed by other analysts, including Vivek, who predicts that BTC will reach $150K after the halving. Most experts predict that by the end of the year, BTC will be trading between $100,000 and $250,000.
Cathie Wood, the CEO of ARK Invest, one of the companies that have launched a spot Bitcoin ETF, has predicted that in a bullish scenario, the price will reach $1,500,000 and in a bearish forecast it will reach $250,000 by 2030. These predictions suggest that the current prices offer investors an opportunity to buy at discount prices with a chance to make generational wealth.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Vivek, Cathie Wood, PlanB |
| Companies | Fidelity, ARK Invest, BlackRock, Grayscale |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
