After the approval of the exchange-traded fund (ETF), the price of bitcoin has reached its worst streak ever; is it possible that it may reach $34,000?

Bitcoin has been under selling pressure since the Bitcoin ETF approved last week. It also had the longest losing run last month, closing down four days. At press time, Bitcoin was down 0.22% at $42,557 with a market worth of $834 billion.

After the launch of almost a dozen ETFs, including BlackRock Inc. and Fidelity Investments, Bitcoin briefly reached $49,000, a two-year high. The ensuing fall looks to match the expected “buy-the-rumor, sell-the-fact reaction,” according to IG Australia Pty. market analyst Tony Sycamore. Sycamore predicts a Bitcoin drop to $38,000–$40,000 based on chart trends.

Bloomberg Intelligence senior ETF analyst Eric Balchunas reported a $819 million net inflow from newly launched US spot funds in the first two days of trading. BlackRock's iShares Bitcoin Trust raised $500 million, while Fidelity's Wise Origin Bitcoin Fund raised $422 million.

After its conversion into an ETF last week, the Grayscale Bitcoin Trust, the largest in its category with $26 billion in assets, had $579 million in withdrawals. Previous closed-ended structure and trading at a discount to its underlying assets last year generated speculation about the gap closing, affecting current fund outflows.

Famous crypto expert Ali Martinez noted Bitcoin's parallel channel. Martinez believes Bitcoin faced resistance above $48,000, the channel's top threshold.

Bitcoin may retreat to $34,000, according to the prediction. Bitcoin is expected to rebound from this pullback to $57,000. This study shows probable channel price fluctuations.

Martinez also noted the Bitcoin Miners' Position Index (MPI) rising to 9.43 on January 12. The high MPI means miners moved more Bitcoin ($BTC) than normal, suggesting sales.

Martinez warns that miners' selling might lower Bitcoin prices further despite a recent reversal. This highlights the importance of monitoring miner activity as a possible Bitcoin market influence. Some Bitcoin aficionados see the price drop as a chance to acquire $200K.

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