After a stable bull period in November and the first week of December, the crypto market faced a sharp correction over the weekend.
This is due to the large number of liquidations that tested the bulls. Solana (SOL) dipped by over 7% in the last 24 hours alone, while the largest altcoin, Ethereum (ETH) experienced a 3,4% dip in the last week.
However, there is still some good news – While BTC did retract from $44K to the low $41K mark, it didn’t go below that point, which signals a possible fast recovery before the end of the week.
Also, in the presale market, Bitcoin ETF (BTCETF), a new BTC derivative, is pumping despite the bears – it’s getting closer to $4M in funding, and it could hit that mark in the next 24 hours.
Let’s check out the details.
Can BTC Recover and Enter a Nine-Week Bull Run?
As we mentioned, BTC was also affected by the bears, losing almost all of its weekly gains in 20 minutes, but it’s important that it stayed above the psychologically important $41K.
BTC is fighting hard to resist the dip and stay above $40K, which signals that bulls still dominate the bears. If it manages to retrace to $43,786 before Sunday, it will continue to its nine bullish weeks.
The frequent appearance of long-tail candles suggests a potential rebound. Additionally, the decrease in trading volume hints at the likelihood of a reversal.
This optimistic view is supported by the current trading patterns, suggesting that Bitcoin could recover before the week’s end.
We think that BTC is most likely to recover before the end of the week, so buying the current dip might be a good idea.
Also, you should diversify your portfolio with Bitcoin ETF, as these BTC derivatives almost always follow the original closely, and once BTC retracts, we might see a large influx of capital in BTCETF also.
Bitcoin ETF Token Resists the Bears with Deflationary Mechanism and Dynamic Tax Reduction
Raising over $5 million in its presale, BTCETF is capitalizing on the growing excitement around the anticipated Spot Bitcoin ETF, embodying investor confidence in its unique approach.
The heart of BTCETF’s strategy lies in its deflationary mechanism, intricately tied to the progress of Bitcoin ETF approval milestones.
Each event, such as the announcement of an ETF approval date or the start of ETF trading, triggers a 5% burn of the token supply. This strategic scarcity creation, including a plan to burn 25% of its total supply in five stages, with the final 5% contingent on Bitcoin hitting $100,000, is ingeniously designed to potentially propel the token’s value upwards.
Complementing this, BTCETF introduces a dynamic transaction tax that evolves alongside ETF milestones.
Starting with a 5% tax on each transaction, this rate is gradually reduced and eventually phased out to 0% upon achieving all milestones. This smartly incentivizes long-term holding and fosters a dedicated community around the project.
What’s more, BTCETF rewards its holders with a competitive staking system, offering an attractive annual percentage yield (APY). This initiative not only encourages holding but also effectively reduces the circulating supply, bolstering the token’s price potential over time.
With a significant portion of the total supply already staked, it’s clear that investors are bullish about BTCETF’s future.
BTCETF Presale Races Towards $5M & Numerous Crypto Influencers Predict 10X Growth
The BTCETF token is making waves in the crypto world, swiftly racing towards an impressive $4 million in its presale.
This remarkable momentum is bolstered by a successful smart contract audit from Coinsult and has caught the attention of major crypto media like CoinTelegraph and BeInCrypto.
Adding to the excitement, renowned YouTube crypto analyst Jacob Crypto Bury has forecasted a potential 10x return for $BTCETF post-launch.
With the presale still open and the token priced attractively at $0.0066, it’s a golden chance for early investors to get in on the ground floor.
The looming approval of spot Bitcoin ETFs only heightens the anticipation, poised to fuel a significant demand surge for $BTCETF.
Wrapped Bitcoin (WBTC) – Expected Pumps Alongside Bitcoin
Wrapped Bitcoin (WBTC) is an innovative digital asset that brings Bitcoin’s value into the Ethereum ecosystem.
Launched in January 2019, WBTC is an ERC-20 token on the Ethereum blockchain, pegged one-to-one with Bitcoin (BTC). This means for every WBTC, there is an equivalent amount of BTC stored, ensuring its value is consistently matched with Bitcoin.
Before WBTC’s inception, utilizing Bitcoin in decentralized finance (DeFi) was limited to centralized exchanges (CEXs). WBTC’s creation opened the door for decentralized applications (DApps) on Ethereum to directly access Bitcoin’s value.
WBTC has closely followed the original price and now stands to end December with over 10% gains. This bull sentiment is expected to transition to Q1 of 2024.
Conclusion
As you can see, the current market dip will be short-lived. This should point you to accumulate as much BTC as you can while it’s in the dip.
Both BTC and WBTC can bring you profits in the coming months, but they cannot match the ROI potential of the BTCETF due to its penny price in presale.
With dynamic staking, innovative burning mechanism, and strong community backing, many influencers expect it to provide at least 10X when it hits the first exchanges.
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