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.

1h BTC/USD (Bitstamp) chart. Source: TradingView

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 on the buyers’ side.”

BTC/USD Summary. Source: Rekt Capital/Twitter

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 have known this structure from the beginning, in which we also carry out new tests before we continue advancing,” he said Cointelegraph contributor Michaël van de Poppe 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.

1h ETH/USD Chart (Bitstamp). Source: TradingView

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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