Another slight drop (more correctly a correction) in Bitcoin's price and they woke up with the narrative 'Bitcoin's no more.' Oh my bad! Not this again. Alas! They did say it with a bikini survey with only 2000 participants and decided 'Bitcoin will die in poverty (disappear)'. How on Earth with Billions taking crypto route, only 2000 people predict the outcome. There were many others who followed this half-wit band and suggested Bitcoin to fall back to $20k levels before making it to new ATH.
But what about those observations that concluded 'billions in dollars will make way to crypto once spot Bitcoin ETFs be a reality'? This narrative, however much more positive, only was about building a castle out of thin air. The hype or exaggeration market was at the fullest when we were approaching the approval and the claims for opening doors for 'billions in dollars' were baseless. Again the 'disappearance or death warrants for Bitcoin' are also baseless.
Before the approval of ETFs, they were chirping that Bitcoin will explode once we see a 'yes' from the SEC. Did anyone ask why it would explode? No, because everyone accepted that these trillion dollars investment firms were ready with at least $500 Billion to thrust into Bitcoin. But only a few did see that they wanted only the ETF Approval but weren't ready to insert their money at that price. Anyways, there wasn't any evident observation that could claim the reasons why an overnight $100k per Bitcoin can happen.
Similarly, the case when it's said about 'the death for Bitcoin', they give maroon reasons which we can just laugh at. But when it comes to the question whether Bitcoin dips 50% from current price, is again something that may be written as a brain fade moment in crypto history.
Look around all the corners of crypto and you will find optimism all around. Alright, I accept crypto is known for shark moves (high volatility), but that should coincide with some collapses like we had in 2022. Would you believe that those times when multiple exchanges, firms and even banks went bankrupt, will return this year. If not, only a possible correction would halt at -30% from local highs and would then shoots up immediately.
Considering that Bitcoin's current high or local high is at $47k and if it falls 30%, from here, the price would be nearly $33k. I personally don't see Bitcoin breaking $33k in normal conditions. Yes, the possibility of a negative scenario may push it further downwards but as I said it needs a solid and valid reason.
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