So an Ethereum ETF is coming sooner than later and the long drawn out drama of the Bitcoin ETF has been avoided. It wouldn’t have made much sense to hold off the Ethereum ETF but there wasn’t much sense in holding off the Bitcoin one either, apart from a political hatred of all things crypto. This is changing because there is now clearly votes in Crypto and to be a Bitcoin hater is not going to go down well with the Crypto generation. Likewise pro crypto is a vote winner so it is not surprising in the election year that there is a rapid softening in the anti-crypto narrative.
The call for Bitcoin and Crypto is a simple one. Have we seen the top or are we halfway there?
In a classic manner the trader will look for break outs in either direction to call a big move. This is a nerve racking business but in principle the process is defining a range and waiting until it breaks out of it definitively.
You would imagine with Ethereum likely to run with an ETF arriving, that Bitcoin would also run as it is in the early days of the aftermath of the ‘halving.’
Here is the Ethereum chart.
No need to get complicated with the Ethereum chart. It needs to break the recent high and if it does it will rise very significantly.
It remains therefore a simple call for Crypto are we half way there or the whole way.
My money is on ‘half way’ and while I think it may resolve quickly, I think exact timing is extremely difficult and normally things take longer than expected.
With the Ethereum ETF coming soon and the Bitcoin halvning supply crunch grinding away we should get the next leg up. If that happens Bitcoin will go over $100,000 and Ethereum could well get to $10,000. Timing is ther other question and for me the best you can say is, if it is to happen it will be before the US Presidential election. So while for traders that might feel like the long term, for investors its reall soon now.