🌋 "Buy the Rumour, Sell the News"
posted 28 Dec 2023
This strategy might come into play following the approval of a spot Bitcoin ETF, according to analytics company CryptoQuant. They anticipate that BTC could drop to around $32,000.
Their reasoning is based on the current high level of unrealized profits held by short-term investors. Historically, such data has indicated a potential for corrections in the cryptocurrency market.
It's also noted that miners are sitting on significant unrealized gains, leading them to start selling off their BTC holdings.
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