Bitcoin drops fast as HongKong’s ETF launch is a dud and Peter Brandt warns over possible tops

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Last Updated on 1 May 2024 by CryptoTips.eu

The launch of a first Asian Bitcoin ETF in Hong Kong was not really a great success after the first trading day. That fact probably set off alarm bells for many investors because Bitcoin fell to a level of $60,000 yesterday already and continues to drop today.

Still a nice profit compared to the start of the year, but knowing that we were about 20% higher in mid-March, panic is starting to slowly overtake crypto investors.

There is also a viral warning from analyst Peter Brandt, who explains that the yearly top may have already been set. What is going on?

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Hong Kong

6 different Chinese companies launched a Bitcoin ETF in Hong Kong yesterday, expected to easily exceed $100 million in trading. By comparison, the first day of the Bitcoin ETF launch in the United States saw $650 million in trading.

Unfortunately, expectations were not met. Hong Kong saw just $11 million in trading. In response, Bitcoin dropped noticeably as the day progressed.

At the time of writing, Bitcoin is trading for $57,500.

Peter Brandt

Secondly, there is a ‘trending’ report by the well-known analyst Peter Brandt. He says that in the current graph of Bitcoin he sees a 25% chance that the top for this year has already been set and that we first have to go down before we can go higher again. His theory is called ‘exponential decay’.

So those 11 billion in Wall Street shorts we talked about 2 days ago may be proven right.

Please note, Peter clearly says that there is only a 25% chance of this scenario happening. Fingers crossed.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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