Let’s face it, the recovery of Bitcoin post ETF disapproval by the SEC has been nothing short of beautiful.
So was it priced in all along?
If you frequent Bitcoin forums, subreddits, IRC/Slack channels, or indeed any other online hangout you would have thought that sentiment for approval was high from the beginning. But the results of Friday’s big news have proved that, if anything, general sentiment was the opposite and that disapproval was already heavily built into the ~$1200 price and not speculation on approval as previously thought.
Personally, my money was on approval and I didn’t fare too well in the aftermath, but despite that, where does this leave us in general?
My prediction is the following:
- The current price is being held up by a combination of those that predicted denial, and those that sold to FIAT prior the ruling who are now buying back in.
- Some long term holders will likely begin to sell to lock in profits over the coming weeks, especially when the price goes sideways for a prolonged period of tie.
- As the price drops, it will trigger some waves of selling and we will consolidate around the upper 800s and lower 900s before moving back up above 1000.
- Despite the initial price drop, we’ll be reaching a new ATH around July-Sept and will be pushing $1600-1800 by the end of the year