Frankly, I feel that the shock comes from the fact that everyone was expecting the price to rise after the news of the ETF getting approval, or that the price would collapse if that approval was not obtained, but what happened is that the approval was obtained, and yet the price did not rise. The shock is more psychological than an analysis of the price.
This is one problem with too much expectation. The expectation of the people on ETF approval was too high, adding to the fact that this year is also a bitcoin-halving year.
The area where people are panicking is those who hope to see bitcoin above $50,000 on or after the approval of the bitcoin ETF as a result of the large capital that will be invested in bitcoin, but the reverse was the case, and many from day 2 of the approval started dropping down. That's where all this panic started, even before the FTX liquidation, which also contributed negatively to the market.
Exactly! It doesn't mean that bitcoin has been approved by the ETF, which means the price will skyrocket. Without thinking about the fact that there should be a correction in the market, and that's part of it, the news spreads to all of the investors, causing them panic, and maybe many investors sell some or all of their holdings because they're afraid that the price will dip more. That's why the price of bitcoin will dip even more, but it's a good opportunity for other small investors, like me, to buy more bitcoin when it's low and wait for the increase in price and also the preparation for the next bull run. Many see the dip as bad news without thinking that it can be an advantage for some investors.
Anyway, expect more dips in bitcoin. Yes, it will increase, but expect numerous dips. Remember, this is a halving season. Many investors are doing buy and sell, and it is part of the market.