Crypto Trader Warns Bitcoin Bulls as Price Rally Fizzles Out Again; New ETF Token Pumps
Bitcoin has been on a rollercoaster in recent weeks, hitting new highs before sharply pulling back. However, crypto analysts remain broadly bullish on Bitcoin’s prospects in 2024. At the same time, a new crypto asset called Bitcoin ETF (BTCETF) aims to capitalize on the long-awaited launch of SEC-approved Bitcoin exchange-traded funds.
On Friday, Bitcoin hit its 2023 all-time high above $44k. But just three days later, it pulled back to around $40,300 before bouncing back to current levels near $42k. This type of volatility is par for the course in crypto markets.
According to crypto analytics firm Santiment, as volatility increases, a trend is emerging of Bitcoin mildly flowing back toward exchanges while traders feel uncertain. However, growing Tether supply on exchanges versus six months ago remains a positive sign for bulls.
They posted on X (Twitter):
“As markets continue to be extra volatile, there is a trend of #Bitcoin moving mildly back to exchanges while traders are uncertain. #Tether, however, remains a great sign for #bulls, as 6.9% more $USDT is on exchanges now vs. 6 months ago.”
Essentially, Santiment sees uncertain traders moving to exchanges to trade Bitcoin price swings, but stablecoin data suggests overall market confidence.
Crypto trader and analyst Jelle added to the bullish case, noting Bitcoin’s weekly relative strength index (RSI) broke above 70. Historically, strong Bitcoin price moves tend to follow periods when weekly RSI exceeds this threshold.
As we can see on Jelle’s chart, the last three times Bitcoin’s weekly RSI topped 70, BTC price rallied 3547%, 70%, and 405% respectively in subsequent weeks. Though past performance doesn’t guarantee future returns, this analysis suggests Bitcoin could have much further to run if history rhymes.
Updating later, Jelle said he remains focused on growing his Bitcoin holdings using volatility rather than short-term price squiggles:
“Still don’t care about which of these squiggly’s we follow. Using the volatility to grow my holdings, so long as we trade below $70.000. Patience is the name of the game.”
Other analysts eye potential Bitcoin exchange-traded fund (ETF) approvals from January 5th to January 10th. Bloomberg analysts give a 90% chance the SEC approves several Bitcoin ETFs in the coming days. This prospect leads nicely into the next section discussing an asset seeking to benefit from this new crypto product.
Bitcoin ETF Token Seeks First-Mover Advantage
Bitcoin ETF (BTCETF) is a new ERC-20 token aiming to capitalize on the impending launch of regulated Bitcoin ETF products in the US. With the SEC widely expected to give the green light in early 2023, Bitcoin ETF Token provides a way to gain exposure to this thematic trade.
The BTCETF presale has already raised over $3.6 million from investors attracted to its deflationary tokenomics and ETF-linked milestones.
At Bitcoin ETF Token’s core is an innovative token burn mechanism that will permanently destroy 25% of the total 2.1 billion supply when the SEC first approves a spot Bitcoin ETF. Reducing coins in circulation increases scarcity and incentives holding BTCETF long-term.
BTCETF also features a dynamic tax on trades starting at 5% but decreasing 1% each time an ETF milestone occurs. This sliding tax further rewards early adopters who buy and hold throughout the approval process.
Allowing passive income generation, Bitcoin ETF Token also enables staking for yields currently around 90% APY.
Capitalizing on hype around a spot Bitcoin ETF, the BTCETF presale allows buyers to acquire tokens before exchange listing at discounted prices.
With a hard cap of nearly $5 million, the presale comprises ten stages with 84 million BTCETF available per round at progressively higher prices.
As the presale benefits from building anticipation ahead of a seismic shift in crypto markets, Bitcoin ETF Token presents a timely opportunity to gain leverage to this key theme.
Despite some turbulence, market analysts remain generally bullish on Bitcoin’s price outlook for 2024. Meanwhile, hype builds ahead of anticipated Bitcoin ETF approvals from the SEC.
Seeking to benefit from this niche within crypto derivatives, Bitcoin ETF Token offers investors a way to potentially profit from these forthcoming regulated products.
With deflationary tokenomics rewarding long-term holding, staking for yields, and a presale offering discounted access, BTCETF makes for an intriguing speculative bet as the crypto industry enters a new era.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.