Though Bitcoin is currently down to $63,000, there are speculations that it may soon recover significantly. The cause for the reduction is being linked to increased regulatory requirements. The price fluctuations persisted after RobinHood, a brokerage firm, announced that they had received a Wells Notice from the SEC, which is an early warning indication. BTC dropped by 1.5%.
Ether (ETH), dogecoin (DOGE), Shiba Inu (SHIB), and Polygon‘s MATIC all experienced price drops of 2-3%. In contrast, Solana (SOL) and Ripple (XRP) increased by 4-6%. The CoinDesk 20 Index (CD20) declined by 0.3%.
Despite this, QCP Capital discovered a new criterion for bitcoin call contracts valued between $75K and $100K, indicating that bitcoin is on the rise. CP Capital projected this precise outcome.
According to Syzcapital’s Managing Partner, Richard Byworth, there is speculation that additional connectivity with the recently registered Hong Kong spot bitcoin and ether ETFs for Chinese investors is on the way. There is a chance that the cryptocurrency products will be included to the stock connect option, allowing Chinese investors to link with eligible Hong Kong-registered stocks. However, investors in China do not have access to cryptocurrency ETFs.
Bitcoin reached $56K the week before. According to Ledn’s Chief Investment Officer, John Glover, prices may continue to fall before rising. The wait and watch refers to the anticipated wave 4.
The price pattern is said to be driven by five phases, the first, third, and fifth of which are knee-jerk waves representing the prime pattern, while the second and fourth are essentially backtrackers.
