Bitcoin drops fast as HongKong’s ETF launch is a dud and Peter Brandt warns over possible tops

The launch of a first Asian Bitcoin ETF in Hong Kong was not really a great success after the first trading day. That fact probably set off alarm bells for many investors because Bitcoin fell to a level of $60,000 yesterday already and continues to drop today.

Still a nice profit compared to the start of the year, but knowing that we were about 20% higher in mid-March, panic is starting to slowly overtake crypto investors.

JUST IN: #Bitcoin plunges under $60K support as over $357,000,000 in longs are liquidated within the last 24 hours.

The bear market is back. 🐻🩸 pic.twitter.com/fFOY2rmmSS

— WhaleWire (@WhaleWire) April 30, 2024

There is also a viral warning from analyst Peter Brandt, who explains that the yearly top may have already been set. What is going on?

Hong Kong

6 different Chinese companies launched a Bitcoin ETF in Hong Kong yesterday, expected to easily exceed $100 million in trading. By comparison, the first day of the Bitcoin ETF launch in the United States saw $650 million in trading.

Hong Kong ETH and Bitcoin ETF launch in 1 picture.

$300 million “anticipated” volume
$11 million actual volume

This has got to be one of the worst predictions of all time. pic.twitter.com/7WfwzSylTE

— WhalePanda (@WhalePanda) April 30, 2024

Unfortunately, expectations were not met. Hong Kong saw just $11 million in trading. In response, Bitcoin dropped noticeably as the day progressed.

At the time of writing, Bitcoin is trading for $57,500.

Peter Brandt

Secondly, there is a ‘trending’ report by the well-known analyst Peter Brandt. He says that in the current graph of Bitcoin he sees a 25% chance that the top for this year has already been set and that we first have to go down before we can go higher again. His theory is called ‘exponential decay’.

Note that I assigned a 25% probability to my analysis. I give more credence to a report I issued in February. Here is a chart from that analysis — projecting a bull market until Sep/Oct 2025 https://t.co/hiSogUtEkt pic.twitter.com/Y5I8g5JWwa

— Peter Brandt (@PeterLBrandt) April 29, 2024

So those 11 billion in Wall Street shorts we talked about 2 days ago may be proven right.

Please note, Peter clearly says that there is only a 25% chance of this scenario happening. Fingers crossed.