On October 19, the first Bitcoin ETF made its way to Wall Street, as ProShares listed its BITO fund on the New York Stock Exchange (NYSE).

The fund saw a trading volume of just over $1 billion at the end of the opening day, while the price of Bitcoin also soared to a new all-time high of $67,000.

But not long after, the immediate gains were reversed.

By Saturday, the price of bitcoin had returned to levels of $60,000, raising concerns about the sell-offs that almost routinely follow the launch of major crypto products on Wall Street.

What expert analysts say regarding the bitcoin price correction:

Famous independent analyst Nonya Biznez presented her insights on Twitter in an attempt to analyze the current situation based on past events.

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Nooo God. No please no! number! number! no! pic.twitter.com/ITKFBJqK6h

– Nonia Bizney (@bladizzo) October 22 2021

Nonya mentions two major events roughly similar to the launch of ProShares’ Bitcoin ETF:

The first is the listing of the first Bitcoin futures on the Chicago Mercantile Exchange (CME) and then when Coinbase (COIN) shares appear on the Nasdaq.

In those times, Bitcoin crashed to a new all-time high, before dropping to unsustainable lows.

For example, Bitcoin first rose to an all-time high of $20,000 on December 18, 2017, when CME launched its Bitcoin Futures product.

But the launch eventually peaked as the bitcoin price dropped to around $3,200 after about twelve months.

In quite a similar fashion, COIN’s debut on Wall Street in April of this year saw Bitcoin soar to a new all-time high around $65,000 after about ten days.

However, the rally was short-lived, causing Bitcoin to reach the $28,800 level.

Another analyst, Lark Davis, also shared his thoughts, claiming that he wouldn’t be surprised if the bitcoin price collapsed after the launch of the ProShares ETF based on previous events with the CME exchange.

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Now despite all the downside usually associated with high-profile crypto listings on Wall Street, some analysts are still hoping this time will be different.

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The likes of Todd Rosenbluth, head of ETF and mutual fund research at CFRA, and Noel Echison, head of market insights at cryptocurrency trading firm Genesis, believe that the impressive debut of the Bitcoin ETF this month will lead to very few negative moves in the market. Bitcoin spot price.

However, one thing remains for certain in all this.

While some experts predict recessions for several months, others predict recessions that may not be very long.

We’ll see Bitcoin’s behavior that will detail all of these predictions, which often go against expectations.

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