The price of Bitcoin (BTC) has recovered into the low $37,000s after momentarily falling below the $37,000 mark late on Saturday. From the 18-month highs it reached earlier this week, above $38,000, it is currently trading about 2% lower.

Notwithstanding the decline, Bitcoin is still expected to end the week with strong gains of about 6%.
The cryptocurrency has been performing well in recent weeks amid hopes that the US Securities and Exchange Commission (SEC) is close to approving multiple spot Bitcoin Exchange Traded Fund (ETF) applications in the US, opening the door to a wave of institutional inflows into the Bitcoin market. According to CoinMarketCap, the cryptocurrency’s market capitalization surpassed $700 billion this week.
Midway through the week, investors who had purchased Bitcoin on the assumption that it would be the only cryptocurrency to receive US ETF approvals switched to Ether (ETH) after learning that BlackRock also intended to establish a spot Ethereum ETF.However, the bulls have maintained their lead for the most part, and traders are wondering if they should purchase this most recent decline back to $37,000.

Bitcoin (BTC) Price Prediction – Is It Time to Buy the Dip?

Investing in intraday/weekly dips has proven to be an extremely beneficial strategy for Bitcoin since its surge in value started in mid-October.
Thus, the response would be affirmative based only on the last several weeks.

However, has Bitcoin overpriced itself in the previous few weeks and is a retraction well overdue?

Will investors have to wait for a more significant decline?

As long as there is continued optimism around the introduction of spot Bitcoin ETFs, the market is expected to continue its short- to medium-term upward trajectory.
This month, macroeconomic factors have also been helping, as seen by the sharp decline in US bond rates and the sharp increase in US stock prices due to expectations that the Fed’s tightening cycle is coming to an end.

However, if the US Consumer Price Index (CPI) inflation data from next week turns out to be higher than anticipated, it could jeopardize this encouraging macrotrend and reinforce the claim that a number of Fed policymakers continue to hold that higher interest rates may still be necessary to effectively control US inflation.
A surprising increase in inflation might cause the price of Bitcoin to temporarily decline.

Long-term Bitcoin bulls, however, would consider any retreats back towards the $34,000s as an excellent place to begin making significant additions to their holdings.
This is due to the fact that Bitcoin has generally escaped unfavorable macro developments in recent months. Take October, for instance, when Bitcoin gained almost 30% despite a decline in the US stock market and a multi-decade high in US bond yields.
Bitcoin has demonstrated that it can continue to perform well even in an unfavorable macroenvironment. This will change traditional finance investors’ minds as they increasingly view Bitcoin as a “uncorrelated” asset with the potential to generate substantial returns.

Bitcoin Alternative to Consider – Bitcoin ETF Token (BTCETF)

Although ETF optimism is currently all the rage, some astute traders believe that a new token called Bitcoin ETF Token ($BTCETF) is a viable alternative with even higher potential. Despite this, Bitcoin’s near-term prognosis is still good.
Bitcoin ETF Token’s bold pitch into the profitable Bitcoin ETF theme that drives the current cryptocurrency boom has allowed it to raise over $450,000 from investors even though it only launched its presale a few days ago.
Due to its DeFi characteristics, $BTCETF is also attracting interest.

Tokens for the $BTCETF are available for purchase in the presale today. By staking them, investors can earn a dividend of 546% annually.