Bitcoin’s price chart looks similar to when spot Bitcoin ETFs were launched in the United States — suggesting a breakout soon, though there are some differences this time around.
Bitcoin (BTC) recent decline has some similarities to its behavior post-United States ETF launch in January, with one trader suggesting that this could mean an upswing in the “next week or so.”
Spot Bitcoin exchange-traded funds (ETF) were launched in Hong Kong on April 30, seeing $217 million worth of net inflows since. However, the price of Bitcoin has fallen almost 7% since launch, according to CoinMarketCap data.
WhereAt Social co-founder and crypto trader Quinten Francois suggested the behavior bears similarities to the launch of spot Bitcoin ETFs in the United States, which saw the price of Bitcoin fall 14% within 12 days of launch, before rising 7% over the following seven days.
