The Bitcoin ETF saga of approval/rejection has finally been put to rest as the "approval" finally has it. But the market has never greeted it with much excitement as it sold on that very day of approval but rose sharply to hit a little above $49,000 the next day before plummeting ever since then. This is no doubt a short-term setback for Bitcoin even as we expect the positive effect of halving on the coin. Also, I hope that this short-term bearish trend, (perhaps I should call it a correction of the main bullish trend) will not grow into a more determined bearishness that will put the coin under further pressure.
With what we have seen now, the market is already getting more stable than before and the accrued tensions have being relieved with what we are seeing in the recent market performance, we cannot give the conclusion on that short time impact as we experience bear after the approval of bitcoin ETF, the market is self sustainable without much impact from other economic activities than what it experience from within, this is why we see the recent surge on the market as bitcoin emerges on 44k USD value, this doesn't also mean that we may not experience more volatility before the halving, all we could do is to position ourselves more better with our investments.
38k was the bottom but i do believe that it wasnt the bottom. Come to think that we dont have that ETF wayback into those previous years and its really that normal that we would really be having those pre-post halving
price movement on which it could neither be a pump or crash which we know that this is something that typical into this unpredictable space. Now that the price is starting to cling up. Then it is really that safe to assume out
that we would really be having those possible dumps before halving hits and after halving too.
There's no way that we could really be able to know on whats the bottom. I'm often surprised when I read from people the remark I boldened in your reply, you mean no one will know what the market is doing? I think you are far behind when it comes to the market speculations, maybe you will have to add some learning to what you know, or else, you will always be neutral about it. Yet, some people know. It is true that what you do not know, you do not know, but I still urge you to learn because it is not that we can't know what we do not know, only that we do not give attention to it. The Bitcoin market is one of the easiest markets I've come across, it only needs your patience and good support and resistance strategy, which if used with the right price action, the accuracy of your predictions will be so high.
For me, this year, the two important levels aside from the upper ones are $40,243 and $43,606, and you can see what the market did around them. The market was so unrested around these levels and once breached significantly with a daily close above them, what happened? The market spiked higher. The last one was this week, I think on Wednesday when the $43,606 was eventually breached upwards and the market closed above it. You can see what has been happening ever since then. And if you are conversant with my speculation, you would have read it all the time even as I mentioned this level as a determining point. The market is highly predictable, and if the halving would help, it is highly possible that the low of around $38,500 witnessed this year will be the bottom for the year. This is even as the needed correction has been effectively weighed. What is now the issue? I can't see any for now.