Many Medium authors have been quick to dismiss #Bitcoin following lackluster returns post ETF Approvals.
I have read a couple of articles here on Medium that have been quick to call for Bitcoin’s demise given that the ETF Approvals haven’t produced face-melting upside bitcoin returns yet.
However, anyone who has been paying attention to the price of Bitcoin over the last year has made a pretty penny.
In fact, if you invested in Bitcoin on the day that Blackrock Filed their Spot Bitcoin ETF Application on June 15, 2023, you would currently be up a cool $17,319, or 67%.
Smart money would have known this and played this trade. Money was made. The ETF Approvals were not a sell the news event. It was priced in.
With that little rant out of the way, let’s get into the meat of this article and take a step back to ask ourselves how the next 30 to 60 days could play out for Bitcoin.
In doing so, we can set the stage for the Short Term Bullish Case for Bitcoin in Q1 of 2024 leading up to the halving event in April.
The wave of GBTC selling pressures on Bitcoin which have thus far neutralized any positive response that we may have seen as a result of the ETF approvals has now played its course.
On the other hand, the ‘New 9′ Bitcoin ETFs have been relentlessly accumulating bitcoin. The top 9 Bitcoin ETFs have already totaled 175,000 Bitcoin, valued at 7.5 Billion. All in just 18 trading days.
These massive dollar inflows into the ETF may sound mindboggling however they make sense when you start to consider the advantages that holding Bitcoin in an ETF offers to the average individual like yourself.
Over the next 30 to 60 days there will be 20–40 more trading days. It would be…