{"id":35148,"date":"2024-01-16T11:52:49","date_gmt":"2024-01-16T15:52:49","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35148"},"modified":"2024-01-16T11:52:49","modified_gmt":"2024-01-16T15:52:49","slug":"bitcoin-bearish-forecast-analyst-signals-continued-downfall","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/16\/bitcoin-bearish-forecast-analyst-signals-continued-downfall\/","title":{"rendered":"Bitcoin Bearish Forecast: Analyst Signals Continued Downfall"},"content":{"rendered":"

The price of Bitcoin<\/a> appears to be experiencing a bearish moment in the past few days now despite the approval of multiple Bitcoin Spot Exchange-Traded Funds (ETFs), which has raised speculations about the token\u2019s future.<\/p>\n

Bitcoin Could See Further Collapse<\/h2>\n

Bitcoinhyper, a cryptocurrency analyst, has offered his insights on the current state of Bitcoin. The analyst unveiled<\/a> his predictions to the community during one of his YouTube videos.<\/p>\n

According to him, BTC is currently undergoing a decline, which could potentially lead to a further collapse in price. In the beginning, Bitcoinhyper noted an upswing in the price of Bitcoin to $49,000 following the approval of BTC spot ETFs by the SEC.\u00a0<\/p>\n

However, the market did not react as anticipated, and there was a notable decline from the $49,000 price mark.\u00a0 \u201cUnfortunately, we got a significant dump, and in rejection, from $49,000,\u201d he stated.<\/p>\n

The analyst highlighted that BTC was up for several days before the ETF approval, with experts anticipating the crypto would hit $50,000. Thus, in a surprising turn of events, the asset\u2019s price witnessed a drop of about 16%.<\/p>\n

In spite of the Bitcoin spot ETF<\/a> approval, the market\u2019s perception swiftly took an unpleasant shift. The correction took retail investors by surprise as they were unprepared since they had assumed that the price would rise.<\/p>\n

With the crypto asset experiencing such a collapse in price, it is believed that the market will see a massive liquidation. Remarkably, during this decline, liquidations were not as large as anticipated.<\/p>\n

Bitcoinhyper noted that during the decline, around $18.8 million in short positions were liquidated, which is less than expected. The news caused traders to become overconfident while ignoring the possibility of a correction.<\/p>\n

No Positive Impact On BTC Price Despite Substantial Inflow<\/h2>\n

Reportedly, Bitcoin saw<\/a> a whopping $1.18 billion inflow in digital assets funds worldwide following ETF approval. Despite the significant inflow of capital, the anticipated impact of boosting the price of BTC has not yet been realized.<\/p>\n

On Monday, January 15, the price of BTC dropped below the support level of $42,000 as traders turned to Ethereum and other tokens<\/a>. The approval of ETFs might be a \u201csell the news<\/a>\u201d moment, as BTC had dropped by 16% since the announcement.<\/p>\n

As of now, it is crucial to observe that the market is becoming less enthusiastic about Bitcoin ETFs. A lot of people are now discussing the potential for an Ethereum ETF<\/a>.<\/p>\n

Currently, Bitcoin is trading at $42,951, indicating a decline of over 7% in the past seven days. Its trading volume is up by 3.86% in the last 24 hours, while its market cap is up by 0.75%, according to CoinMarketCap.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The price of Bitcoin<\/a> appears to be experiencing a bearish moment in the past few days now despite the approval of multiple Bitcoin Spot Exchange-Traded Funds (ETFs), which has raised speculations about the token\u2019s future.<\/p>\n

Bitcoin Could See Further Collapse<\/h2>\n

Bitcoinhyper, a cryptocurrency analyst, has offered his insights on the current state of Bitcoin. The analyst unveiled<\/a> his predictions to the community during one of his YouTube videos.<\/p>\n

According to him, BTC is currently undergoing a decline, which could potentially lead to a further collapse in price. In the beginning, Bitcoinhyper noted an upswing in the price of Bitcoin to $49,000 following the approval of BTC spot ETFs by the SEC.\u00a0<\/p>\n

However, the market did not react as anticipated, and there was a notable decline from the $49,000 price mark.\u00a0 \u201cUnfortunately, we got a significant dump, and in rejection, from $49,000,\u201d he stated.<\/p>\n

The analyst highlighted that BTC was up for several days before the ETF approval, with experts anticipating the crypto would hit $50,000. Thus, in a surprising turn of events, the asset\u2019s price witnessed a drop of about 16%.<\/p>\n

In spite of the Bitcoin spot ETF<\/a> approval, the market\u2019s perception swiftly took an unpleasant shift. The correction took retail investors by surprise as they were unprepared since they had assumed that the price would rise.<\/p>\n

With the crypto asset experiencing such a collapse in price, it is believed that the market will see a massive liquidation. Remarkably, during this decline, liquidations were not as large as anticipated.<\/p>\n

Bitcoinhyper noted that during the decline, around $18.8 million in short positions were liquidated, which is less than expected. The news caused traders to become overconfident while ignoring the possibility of a correction.<\/p>\n

No Positive Impact On BTC Price Despite Substantial Inflow<\/h2>\n

Reportedly, Bitcoin saw<\/a> a whopping $1.18 billion inflow in digital assets funds worldwide following ETF approval. Despite the significant inflow of capital, the anticipated impact of boosting the price of BTC has not yet been realized.<\/p>\n

On Monday, January 15, the price of BTC dropped below the support level of $42,000 as traders turned to Ethereum and other tokens<\/a>. The approval of ETFs might be a \u201csell the news<\/a>\u201d moment, as BTC had dropped by 16% since the announcement.<\/p>\n

As of now, it is crucial to observe that the market is becoming less enthusiastic about Bitcoin ETFs. A lot of people are now discussing the potential for an Ethereum ETF<\/a>.<\/p>\n

Currently, Bitcoin is trading at $42,951, indicating a decline of over 7% in the past seven days. Its trading volume is up by 3.86% in the last 24 hours, while its market cap is up by 0.75%, according to CoinMarketCap.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35148","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35148"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35148\/revisions"}],"predecessor-version":[{"id":35155,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35148\/revisions\/35155"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35148"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}