The CEO of Pandera calls the operators to calm about the delay of the SEC. As we saw this morning in the Bitcoin analysis, it is not necessarily negative, quite the contrary!
Still too early for ETFs?
I still think it will take time for ETFs to be accepted. The last asset class approved for ETF certification was copper, and copper has existed on Earth for 10,000 years. Dan Morehead
For the CEO of Pantera, ETF Bitcoin, it’s not for tomorrow. Nevertheless, he is not pessimistic, and a reminder that at the moment, the best news of the year comes from the Bakkt project involving Starbucks. For him, investors overreact to the price movements of Bitcoin because according to him, its price is available in real time. Access to the price in real time sometimes leads to strong emotional reactions:
The main thing to remember is that bitcoin is a “business” that starts, but the real-time price stream is a unique thing. People are enthusiastic about the price and react excessively. Dan Morehead
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Bounce on support at 6000 USD
We had studied from a technical point of view the operators’ over-reaction in this morning’s analysis. A rebound on the support at 6000 USD seemed likely, and now seems to be in place. Buyers regain control of the market late in the day, support at 6100 USD has pushed the sellers. Of course, it is a positive signal. Nevertheless, we did not leave the downward trend in the short term. But as long as we stay above the pivots at 6000 and 5800 USD, we are protected from a possible correction. A return to 6750 USD is expected in the short term.