Bitcoin Spot ETF and Bullish Outlook for 2024

TLDR; Bitcoin experiences a dip, but the Bitcoin spot ETF is seen as bullish for the long term. Grayscale and FTX are selling large amounts of Bitcoin, while retail interest is expected to rise throughout 2024. Tether is buying large amounts of Bitcoin to back USDT. Google Trend levels show potential for increased retail interest in Bitcoin, crypto, and NFTs.

💰 Bitcoin Dip and Bullish Outlook

Bitcoin experienced a dip as expected, following the speculation for the Bitcoin spot ETF.

The Bitcoin spot ETF is considered very bullish for the long term, with the potential for a retest of $35,000 or even $50,000 to $60,000.

A Black Swan event would be needed for Bitcoin to retest $20,000, and the long-term outlook for Bitcoin is positive, especially with the upcoming bullish events in 2024.

📉 Grayscale and FTX Selling Pressure

Grayscale and FTX are selling large amounts of Bitcoin, causing selling pressure in the market.

Grayscale's daily outflows of Bitcoin and FTX's selling of Bitcoin and other altcoins are expected to continue throughout the next bull market.

Despite the selling pressure, rising retail interest is anticipated to counterbalance the sell-offs.

📈 Retail Interest and Potential for Bullish Trends

Retail interest is expected to steadily rise throughout 2024, potentially leading to a parabolic rise if extremely bullish news emerges.

The Bitcoin having will cut the daily generation of Bitcoin, reducing its supply in the market, while retail interest and demand are rising.

The potential for increased retail interest in Bitcoin, crypto, and NFTs is indicated by Google Trend levels, with Bitcoin retail interest already showing a rise.

💵 Tether's Bitcoin Purchases

Tether is buying large amounts of Bitcoin to back USDT, with over $1.5 billion worth of Bitcoin in reserves.

This makes Tether one of the top Bitcoin holders in the world, potentially impacting the market's supply and demand dynamics.

📅 Expectations for the Next Bull Market

Elon Musk's statement about Bitcoin's clean energy usage and potential support from Tesla are anticipated to positively impact the market.

The potential for more companies buying large amounts of Bitcoin and the bullish events in 2024 are expected to support the next bull market.