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Post: Bitcoin ETF Approval Uncertainty: Milestone Price Surge and Market Correction Forecast

Bitcoin ETF Approval Uncertainty: Milestone Price Surge and Market Correction Forecast

Key Points:

  • A blockchain financial service firm predicted that a spot Bitcoin ETF would not be approved by the U.S. Securities and Exchange Commission.
  • Daniel Yan, co-founder of Matrixport, anticipates a market correction following Bitcoin’s recent surge, suggesting a possible 15% dip by end-April.
  • Bitcoin hit a new milestone surpassing $60,000, triggering extreme greed among investors, with the approval of spot Bitcoin ETFs adding to the frenzy.

Blockchain Financial Service Firm’s Prediction:

The blockchain financial service firm expressed skepticism about the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission in January, indicating a potential challenge for such ETFs.

Daniel Yan’s Market Correction Prediction:

Matrixport’s co-founder, Daniel Yan, warned of an impending market correction following Bitcoin’s recent price surge, foreseeing a healthy 15% decline by the end of April. He cited various macroeconomic factors contributing to his cautious outlook.

Bitcoin’s Milestone and Investor Sentiment:

Bitcoin reaching above $60,000 and the extreme greed sentiment among investors, evident from the high Crypto Fear & Greed Index score, signal a significant bullish trend. The approval of spot Bitcoin ETFs has further fueled investor enthusiasm and asset inflows.

Hot Take:

The caution expressed by industry experts like Daniel Yan amidst market exuberance highlights the importance of risk management and awareness of potential corrections in the volatile cryptocurrency space. Investors should stay vigilant and consider various macroeconomic factors that could influence digital asset prices in the coming months.

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