Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests a reluctance to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there will likely be another round of rejections of the spot bitcoin exchange traded fund (ETF) applications before they are finally approved.
Several analysts believe that bitcoin will see a correction in the near future, with the worst outcome being a drop to $30,000. However, the decline is unlikely to initiate a bear market. Look Into Bitcoin creator Philip Swift said that on-chain data suggests that the bitcoin bull market is still in its early stages as there is “no FOMO yet”.
