Bitcoin jumps 5% to hit $42,000 level, yet down 14% from post-ETF highs. Here's what experts predict
cryptocurrency, has weathered recent market volatility with resilience, bouncing back 5% to hit the $42,000 mark on Saturday. Despite this recovery, Bitcoin remains 14% below its post-ETF approval highs.
On January 24, Bitcoin was at $39,500, down nearly 20% from around $49,000 — the three-year high it hit on January 11 in the wake of the decision by the US SEC to approve spot bitcoin ETFs.
Siddhartha Gupta, SVP — Business and Strategic Alliances, CoinDCX said, «Bitcoin's dip below $40,000 post-ETF launch isn't solely due to the event. A prior 15% surge in less than 20 days pushed it into overbought territory. The decline reflects profit booking by major crypto players rather than signalling long-term negativity.»
«With the imminent halving and potential ETH ETF approvals, our medium and long-term perspective for Bitcoin is bullish and we can look at newer 1-year highs in a short-term period,» Siddhartha said.
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View Details»In early trade on Saturday, Bitcoin was trading over 5% higher at $42,003. Also, as per reports, over $4 billion of funds have flowed into the new spot bitcoin ETFs, particularly to products operated by BlackRock and Fidelity.
Parth Chaturvedi, investments lead at CoinSwitch Ventures, highlighted the success of spot BTC ETFs, attracting a remarkable $4.8 billion in inflows within their initial days. Notably, BlackRock leads with almost $1.8 billion in Bitcoin holdings, followed closely by Fidelity with an additional $1.5 billion. Chaturvedi underscores the potential for sustained demand driven by these ETFs and
