“A bearish scenario is unlikely.” Experts assessed the potential of Bitcoin after falling below $42,000
The first cryptocurrency fell by 15% after the launch of spot Bitcoin ETFs.
Experts interviewed by ForkLog allowed a further drawdown and noted the flow of funds into altcoins.
Despite the predominance of bullish sentiment before the approval of spot Bitcoin ETFs, after their launch, the first cryptocurrency dropped by almost 15% - from $49,000 to $41,500.
On the evening of January 10, when the SEC approved all applications for exchange-traded funds, digital gold immediately reached two-year highs, but began to decline the next day after trading began.
At the same time, the cryptocurrency “Fear and Greed Index” dropped to a value of 52, which signals moderate sentiment in the market.
According to Coinglass, over the past seven days, $5.5 billion in positions were liquidated, of which $4.4 billion were longs.
In fact, the correction of the first cryptocurrency confirmed analysts’ previous concerns about a “selling on news” scenario.
