Bitcoin Price Drops After New ETF Debut; Long-Term Outlook Still Bullish
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Bitcoin's price plunged nearly 10% after the first Bitcoin spot ETFs were approved and started trading. Short-term traders bid up the price in anticipation and took profits as euphoria faded.
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Long-term catalysts like more institutional investment, the 2024 Bitcoin halving, and persistent inflation could still drive Bitcoin's price much higher over the next decade.
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Bitcoin remains volatile in the near-term. More double-digit drops are likely over the next 12 months amid wild swings.
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Major investment firms like Ark Invest and Fidelity still forecast Bitcoin reaching $100k to $1 million on growing mainstream acceptance.
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The recent post-ETF approval pullback could be a good buying opportunity for long-term investors who tune out near-term noise.