BTC price drops below $62,000 on anticipation of VanEck’s Bitcoin ETF launch
Bitcoin (BTC) dropped below $62,000 on Oct. 26, as the third US regulated exchange traded fund (ETF) launch failed to change the sideways price action.
BTC support target at US$61,600
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting daily lows with the opening of US markets on October 26th.
The anticipation of the latest ETF, the VanEck Bitcoin Strategy ETF (XBTF), did not weigh much as Bitcoin seemed indifferent to the prospect of new institutional involvement.
Last week’s ProShares Bitcoin Strategy ETF saw an increase, which ended in new highs for BTC/USD, these still unreached as a correction challenged the $60,000 support.
At the time of this writing, $62,000 was a dubious focus, which is still in line with the latest price forecasts from popular analysts.
“It would be a natural price progression for BTC to drop by ~US$61600 (orange level),” commented Rekt Capital next to a new price chart.
“Maintaining this would be a sign of strength from the buyers’ side.”
Expectations remained high for the historic highs to see a retest of recent moves, while the survey argued that one as low as $50,000 would still preserve the overall bullish trajectory.
As reported by the Cointelegraph, by the close of October it is forecast at around $63,000, giving Bitcoin room to walk sideways longer before the pressure builds.
PlanB, the analyst who rated $63,000 as the “worst case scenario” for the month close, proclaimed the second leg of the 2021 rise officially underway this week.
Altcoins doomed to “copy and paste” the previous bullfight
Major altcoins were equally hesitant in their behavior for the day, with Ether (ETH) unchanged at $4,150.
The top ten cryptocurrencies by market capitalization were also flat over the past 24 hours – a rare episode of common calm for an asset group characterized by volatility this month.
“We’ve known this framework from the beginning, which we also ran tests on before we continued to move forward,” said Michaël van de Poppe, Cointelegraph contributor, in his latest YouTube update.
He predicted a “copy and paste” earnings scenario starting in early 2021 at a later date, although the timeframe for this is unpredictable.
“The positive side is generally higher than what you expect to happen,” he added.
