Bitcoin price falls back below $64k after four straight days of ETF outflows

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According to a research report released by JPMorgan on Thursday, while optimism is high that Bitcoin will hit new highs by the end of 2024, in the short term, its price could continue to trend lower as traders sell ahead of the approaching halving. The outflows have helped to bring many market participants back down to reality as the historic inflows since the ETFs launched had some proclaiming that Bitcoin would hit $100,000 before the halving, falling victim to the ‘up only’ mentality in regards to both BTC price and ETF inflows.

“Looking at Fibonacci retracement, we notice that BTC has bounced back up from the 0.382 level while ETH has bounced back from 0.5,” Lin said. “The chart shows that Wednesday's green candle has completely reversed Tuesday's red candle, with more volume than Tuesday's. More importantly, this happened amidst negative news and FUD about the SEC potentially targeting Ethereum. This could arguably be a sign of a healthy market correction.

While many are now in agreement that Bitcoin could show weakness, or at the very least, increased volatility leading into the halving, a consensus has also emerged that post-halving, its price will rise. According to the latestis a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market.

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