🌋 "Buy the Rumour, Sell the News"

posted  28 Dec 2023
Photo - "Buy the Rumour, Sell the News"
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.