A Crypto Analyst’s Take on BTC and ETH After ETF Approval
A well-known crypto analyst shares his insights on the future of Bitcoin (BTC) and Ethereum (ETH) following the historic approval of Bitcoin exchange-traded funds (ETFs) in the US. According to the analyst, BTC is expected to stabilize after the initial rally, allowing ETH to experience its own surge.
The analyst believes that with the approval of BTC ETFs, reality will set in and Bitcoin will consolidate, creating an opportunity for Ethereum to reach levels between $3,000 and $3,500. The prediction is followed by an anticipated correction in March.
Examining the Bitcoin Dominance (BTC.D) chart, which measures BTC’s market share in the crypto space, the analyst suggests that Bitcoin’s dominance has peaked, and Ethereum is gaining momentum. This indicates the start of an altcoin bull market.
Ethereum’s Potential Rally
The analyst predicts that Ethereum’s impending rally could push the leading smart contract platform to reach around $3,500. The crucial level at $2,130 has been flipped for continuation, and a breakout towards new cycle highs at $2,700 is expected before reaching $3,500 within the next 2-3 months.
The Next Hot Topic: An ETH ETF
Looking ahead, the analyst believes that discussions surrounding an Ethereum ETF will dominate the crypto space for the next two months. BlackRock CEO Larry Fink expressing interest in an Ethereum ETF adds weight to this prediction.
At present, BTC is valued at $44,413 with a 5% decline in the last 24 hours, while Ethereum is priced at $2,642 with an 18% increase over the past week.
Hot Take: BTC Stabilizes, ETH Takes the Lead
Following the approval of Bitcoin ETFs, the crypto market is poised for a shift. While Bitcoin stabilizes and consolidates after its initial rally, Ethereum is expected to take center stage and surge to new heights. The analyst suggests that Ethereum’s rally could bring it to the $3,000-$3,500 range in the coming months. Additionally, discussions surrounding an Ethereum ETF are likely to dominate the crypto conversation, mirroring the hype surrounding BTC ETFs in recent months. As the altcoin bull market begins, it will be interesting to see how these predictions unfold and whether ETH can maintain its upward momentum.
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