Here’s Why the Price of Bitcoin Is Falling After the Approval of Bitcoin Spot ETFs. A Bit of Foresight for the Price of Bitcoin in 2024.

Patience is the greatest of virtues.

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Last week was a historic one for Bitcoin.

Bitcoin Spot ETFs were finally approved by the SEC after so much procrastination and resistance by Gary “Security” Gensler.

I call this a historic moment, not because I'm excited about it, but because it's bound to change the history of Bitcoin through a new public perception of Bitcoin.

Now that BlackRock has set foot in the Bitcoin world, you can be sure that the narrative about Bitcoin will change in the media. Gone will be the big misleading claims that Bitcoin is a scam. No more “Bitcoin is dangerous” or “Bitcoin is only used for illegal activities”.

Of course, major global institutions such as the IMF, the World Bank, and even the UN will continue to attack Bitcoin to protect the current system.

However, the attacks will be different.

Greenpeace has attempted a new attack on Bitcoin following the approval of its Bitcoin Spot ETFs, but this is not convincing anyone:

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Greenpeace would do better to use the money it receives in a relevant way rather than wasting it trying to change Bitcoin. Bitcoin doesn't change, Bitcoin changes you. That's what history has proven so far.

While the price of Bitcoin had been moving sideways in the range of $44K/$45K for several weeks, the most avid of Bitcoin market followers imagined that its price would explode following the approval of Bitcoin Spot ETFs.

As is often the case with Bitcoin, this is the max pain scenario that prevents. The price of Bitcoin always does the opposite of what the majority of market participants expect.

Thus, the price of Bitcoin corrected in the first few days of trading in these ETFs, hitting a low of around $41.5K. The price of Bitcoin has rebounded from this support to now stand at around $42.7K as I write these lines.

This seems to have some people wondering why the price of Bitcoin is falling. I'm going to give you my analysis, with a bit of foresight for the months ahead.