Peak - 16 Dec: 20.000$
Dip - 30 Dec: 12.600$
Peak - 6 Jan: 17.100$
Dip - 5 Feb: 6.900$
Peak - 4 Mar: 11.500$
Dip - 7 Apr: 6.600$
Peak - 5 May: 9.800$
Dip - 28 Jun: 5.800$
Peak - 24 Jul: 8.400$
Now we are at 6.200 going down to the next even deeper dip
This is the long and slow death of Bitcoin as there are not really anyone new who wants to use it (let's face it, there is no use at all, only "investment"), and as current Bitcoin-believers are slowly becoming fewer and fewer, the price will continue this long slow death-spiral
Maybe you're right but what if Bitcoin ETF gets approved? There will be new money in the market, demand of Bitcoin will increase and so will the price.
I don't know why people are expecting high from the bitcoin ETF to get approved. No one understand that if a regulated entity become a whale by buying huge amounts of bitcoin, it will be easier for the government to control the price of the bitcoin leaving small investors like us in shambles. That is not desired at all. Physically settled bitcoin ETF will show a positive impact on the market at first because of the fresh funds but we will loose the control eventually!
Don't expect to get it approved till September end. Don't run high on the ETF news. It will harm us in longer term and price manipulation will become more evident!