#btc #eth #wsm Experts predicted a drop in the rate of the first cryptocurrency to $32 thousand.

According to specialists from the analytical platform CryptoQuant, the approval of a spot Bitcoin ETF in the United States could become “sell the news,” writes The Block. This will lead to the fact that the price of BTC could drop to $32 thousand, experts believe.

Buy the Rumor, Sell the News - investor strategy “Buy on rumors, sell on facts/news.” The mechanism works like this: on the eve of an event (based on rumors about it), the market, fueled by anticipation, invests in the asset, which contributes to its rise in price. In this case, buying Bitcoin before the supposed approval of spot Bitcoin ETFs.

But among investors there are both speculators and those who plan to close positions at local highs. Therefore, the expected event itself often becomes a reason for them to fixate (sell on news), which leads to a correction in the price of the asset after the event.

To support its predictions, CryptoQuant cites data according to which Bitcoin owners have large unrealized profits after the first cryptocurrency rose in price above $40 thousand. Historically, this precedes a price correction, analysts say.

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High unrealized miner profits may also be putting pressure on Bitcoin sales, CryptoQuant noted, pointing to increased sales from Bitcoin miners in the past few weeks, during which the price of BTC has remained above $40,000.

According to analysts, if the “sell on news” scenario is correct, then the price of Bitcoin could drop to $32 thousand.

Earlier, Bitfinex analysts predicted a correction in the Bitcoin rate. They noted that the short-term pullback of the first cryptocurrency may be due to the fact that the $44 thousand level serves as a profit realization point for medium-term holders of the asset.