Listen to these facts and decide for yourself🤔👈
In 2017, Chicago Mercantile Exchange (CME), the world's largest futures exchange, launched bitcoin futures in December. Bitcoin reached its peak at $19.6k, marking a substantial increase from the cycle-low of $172 (114x). 🚀💰
Fast forward to 2021, the optimal day to sell was when Coinbase went public. On that day, Bitcoin nearly touched $69k, surging from the cycle-low of $3.8k (18x). 📈💼
Despite both events receiving extensive media coverage and being perceived as significant 'green flags' for institutional acceptance, the market experienced a downturn. This mirrors the classic 'buy the rumor, sell the news' phenomenon. 📰📉
As we approach the potential approval of Bitcoin ETFs, expected around January 10th, 2024, some investors may wonder if this is the opportune moment to sell. At present, Bitcoin hovers just below $47k, showcasing an increase from the cycle low of $15.5k (≈3x). Even with a surge to $69k by the launch day, the increase would only be around 4.5x from the cycle-low, suggesting that it may not necessarily be the market's ending destination. 🗓️📈
A crucial distinction is that in 2017 and 2021, the Bitcoin Halving had already occurred, whereas today it lies ahead, with the supply shock anticipated in the next 3.5 months. ⛓️⏳
There is a likelihood of a minor sell-off upon the approval of Bitcoin ETFs, as some market participants are solely traders. Over the past three months, Bitcoin has surged over 75%, with no substantial pullbacks exceeding 10%. Consequently, some institutions may opt to secure profits, adhering to a cautious approach. 💼💸
However, any potential dips could be swiftly absorbed, reminiscent of the inaugural Gold ETF in 2004. While it experienced a brief 'sell the news' event lasting only a few weeks, gold subsequently exhibited a consistent upward trajectory for the following five years. 💰
What are your thoughts on this? Feel free to share your opinions. Don't forget to follow me for more insights. 🗣️👁️🗨️
