Bitcoin Price Prediction as BTC Experiences a Pullback to $37,000 – Time to Buy the Dip?
After briefly dipping below the $37,000 level late on Saturday, the price of Bitcoin (BTC) has recovered back into the low $37,000s, where it continues to trade around 2% lower versus the 18-month highs it hit earlier in the week near $38,000.
Despite the pullback, Bitcoin remains on course to close out the week with solid gains in the region of 6%.
The cryptocurrency, which saw its market capitalization surpass $700 billion this week as per CoinMarketCap, has been performing well in recent weeks amid optimism that the US Securities and Exchange Commission (SEC) is on the verge of approving multiple spot Bitcoin Exchange Traded Fund (ETF) applications in the US, opening the door to a wave of institutional inflows into the Bitcoin market.
News that BlackRock also plans to set up a spot Ethereum ETF took some of the shine of Bitcoin’s rally midway through the week, as investors who had bought Bitcoin on the premise that it will be the only cryptocurrency to gain US ETF approvals in the coming year rotated into Ether (ETH).
But the bulls have largely remained in control and traders are asking whether they should buy this latest dip back to $37,000.
Since Bitcoin began to vault higher in mid-October, buying intra-day/week dips has been a highly profitable strategy.
So just based on the past few weeks, the answer would be yes.
But has Bitcoin come too far in the last few weeks and is a pullback overdue.
Should investors wait for a deeper pullback?
Well, so long as optimism about upcoming spot Bitcoin ETFs remains high and growing, the market is very likely to remain in a short to medium-term uptrend.
Macro has also been acting as a tailwind this month with US bond yields substantially lower and US stock prices substantially higher on
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