Bitcoin Braces for Potential Price Drop Despite Long-Term Bull Case
• Bitcoin ETF approval anticipated in early 2024, which could lead to a "sell the news" event and price drop to $32,000 • Miners are experiencing high profits and increasing sell pressure, contributing to potential downward price movement • Cathie Wood & Nic Carter expect possible short-term sell-off but remain bullish long-term due to institutional flows • Even 0.1% institutional allocation could "move the needle" given Bitcoin's scarcity • Historical data shows January often brings bearish trends after Bitcoin sees strong 4Q performance