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- A 20% surge in Ethereum on improving chances of ETF approval led the market rally, pushing Bitcoin above $71,000.
- Assets such as BONK, LIDO, and Pyth Network have also recorded significant gains.
- Despite the potential for a downturn, the current rally in cryptocurrencies is seeing significant trading, especially on platforms like Coinbase.
Hold on to your hat. I’m going for a drive. Ethereum is up 20% on related news, Probability of ETF approval goes from 25% to 75%the whole market is moving.
Related: ETH price rises as ETF rumors swirl.Analyst increases probability of approval from 25% to 75%
Assets like BONK and LIDO are up well over 20%, Pyth Network is up a whopping 32%, and Bitcoin is up almost 7% in the past 24 hours, hitting the US$71,000 (AU$106,000) level. It’s far superior.
According to Swissblock, the current resistance level is around USD 71,500 (AU$107,000), which has just broken through the previous resistance level of USD 67,000 (AU$100,000).
With this in mind, the question becomes whether this is a sustained rally or whether it is primarily based on the ETH hype.After all, the market did not expect Ether ETF approval coming soon.
Analysts at CryptoQuant noted that Coinbase’s BTC price is higher than other exchanges, suggesting that the exchange’s US investors are actively buying the asset.
They said in a note that the potential bottom for BTC is here based on short-term holders (STH) realized prices. STH represents a key support level at $61.5,000 (weighted average realized price), below which it could trigger a bear market and turn into strong resistance.
Be careful, chartists warn
Macroeconomist and chartist Henrik Seberg Warning This bull market will be followed by a major recession. He told his 140,000 followers on social platform It is said that there is
He wrote that the U.S. market, which initially includes cryptocurrencies and small-cap stocks, will likely soar as investments shift away from large-cap stocks and overseas markets.
Everyone will be euphoric and trust the Fed to support us again.
Henrik Seberg
He believes the market recovery will be temporary as the recession continues and the economy faces stagflation, despite the Federal Reserve’s intervention – time to turn on the money printing presses. I believe that.
According to Seberg, this will usher in the biggest recession and bear market since 1929.
Whether you believe Seberg’s scenario or not, his track record is mixed at best. For example, in May 2020 he predicted that Bitcoin would crash below US$2,000, which apparently never happened.
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The source of this program
“This plugin is great.”
“Grab your hat, it looks like we’re going for a ride. While Ethereum is up 20% on news that chances of ETF approval rise from 25% to 25%…”
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Source link: https://cryptonews.com.au/news/analysts-declare-bitcoin-has-bottomed-out-here-is-what-they-think-the-future-holds-for-crypto-120995/
