Analysts are warning the public of a pullback that could happen with the upcoming BTC ETF. The upcoming launch of the Bitcoin ETF has bulls stating that a $100,000 Bitcoin price could happen. A number of analysts warn that a "sharp" short-term pullback could also happen.
Future-Based BTC ETF
According to CoinTelegraph, the day that crypto traders have been waiting for for quite a while is almost here. On October 19, 2021, a ProShares future-based BTC ETF is said to launch and analysts are predicting the supposed additional ETFs which are going to roll out over the coming week.
The Cointelegraph Markets Pro data and TradingView shows that there is an early morning attempt by bears in order to drop the price down below $60,000 was well defined by certain traders during the time of writing. It was noted that there is a tug-of-war happening at the $61,000 to $62,000 range.
New ETF Launch and Bitcoin Price
Although a lot have predicted that the new ETF launch is the fuel that is needed to push Bitcoin to the $100,000 mark, not all analysts agree. Some analysts even warn that the event could be yet another "buy the rumor, sell the news" type of event. Due to the massive growth of BTC, El Salvador has been able to announce that they will be using their $4 million profits from Bitcoin to build a veterinary hospital.
A certain trader that remains not completely enamored with the idea of an upcoming BTC futures ETF is the pseudonymous Twitter user known as Cry me a $COIN. The Twitter user posted a tweet suggesting that the recent BTC price action is actually just part of a normal price cycle.
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FOMo Buyers Should Be Aware
The price path that was outlined in the chart shows that there is still a chance that Bitcoin would top out below $68,000 in the upcoming months before heading lower in order to establish a higher low that is near $46,000. Another similar statement was expressed by Ryan Cantering Clark who suggested that the trade has actually been "long ETF approval" and that once it is here, what else is there in the short term that could take the price higher?
It was noted that everyone is aware where this is going and that in the short term, Bitcoin could be getting a deeper pullback. The article by CoinTelegraph notes that FOMO buyers should be aware of this. In yet another one of his tweets, Elon Musk reacts to "Creator of Dogecoin" statements regarding DOGE.
David Lifchitz provided another deeper analysis of what could possibly come next. David Lifchitz is reportedly a managing partner and chief investment officer at ExoAlpha. Lifchitz noted that a small pullback could happen especially after the whole torrid run from $40,000 in the span of just two weeks in the past. This translated to BTC's increase of a whopping 50%.
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Written by Urian B.
