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  • Crypto Week: BTC Loses Its Share, Bitcoin-ETF Almost Done amid Musk’s Crypto Disregard

Crypto Week: BTC Loses Its Share, Bitcoin-ETF Almost Done amid Musk’s Crypto Disregard

Bitcoin (BTC) witnessed a decline of 2.2% to $42,500 this week, with a more significant setback of 4.2% on Tuesday, reaching $41,620, the lowest level since December 18. Elon Musk's apparent disregard for cryptocurrency during an interview with Ark Invest CEO Cathie Wood was cited as one of the reasons for the decline. Musk mentioned, "I don't spend a lot of time thinking about cryptocurrency — hardly any at all." Although the interview took place over the weekend, its impact on the market was delayed until Tuesday, possibly influenced by the long weekend.

Additionally, a Coinalyze research report highlighted a decrease in Bitcoin's share in the crypto futures market. Bitcoin futures open interest dropped by 12% to 38% since October 2023, marking the lowest share in the last two years. Ethereum maintained its share at 21%, while the share of altcoin futures increased to 41% from 32%. This suggests a preference for altcoins among investors, possibly due to Bitcoin's staggering 60% vertical rally, leading to overbought pressure. However, significant capital inflows into ProShares Bitcoin Strategy ETF (BITO) support the notion that this trend may be temporary.

Despite these challenges, Bitcoin continues to follow an uptrend, with dips being bought out and higher lows forming. This movement aligns with the ascending triangle pattern, a continuation pattern in technical analysis, potentially driving BTC prices to $50,000 per coin. Looking ahead, predicting further price increases is challenging, but investors hold an optimistic outlook for 2024. This sentiment is not solely based on the expected approval of spot Bitcoin ETFs before January 10. The U.S. Securities and Exchange Commission (SEC) is accepting altered filings until December 29, representing the final step before approval. Additionally, the anticipation of Bitcoin's fourth halving in May 2024 is contributing to positive sentiment. Historically, Bitcoin prices have risen by 15.0-20.0% during the five months leading up to a halving event, although before the previous halving on May 10, 2020, prices first tumbled by 48% to $3850 in March to establish an overall rise of 35.0-45.0% during January-May 2020. So, such scenario could not be excluding this time too.