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Bitcoin (BTC) ETF Major New Impact Predicted by Top Crypto Analyst

Published 01/29/2024, 03:28 PM
Updated 01/29/2024, 03:30 PM
© Reuters.  Bitcoin (BTC) ETF Major New Impact Predicted by Top Crypto Analyst

U.Today - Analyst and trader who works with cryptocurrency markets, Michael van de Poppe, has issued a social media post, suggesting that the recent approval of Bitcoin exchange-traded funds may propelling the Bitcoin price much higher than everybody expects.

He also shared key reasons why Ethereum is likely to reach new momentum within the upcoming few weeks.

Spot Bitcoin ETF impact on BTC, per Poppe

Michael van de Poppe believes that the markets at the moment should be cautious regarding the impact of the spot-based Bitcoin ETF, which has not come into its own yet. The expert admits that there is “some selling pressure in the short term.”

However, as for the long term, he reckons that then a tremendous amount of new cash flows will start going into the Bitcoin market from fresh participants. When this happens, he adds, Bitcoin may soar much higher in the current cycle than everybody thinks it will.

Famous crypto YouTuber Lark Davis seems to agree with van de Poppe. In a recent tweet, the cryptocurrency blogger called on his followers not to be afraid of the Bitcoin plunge taking place at the moment. He assumed that should anyone “look behind the scene, ” it would become clear that the top market players are taking advantage of this Bitcoin price dip – major financial institutions, nation-states and companies are taking this chance to accumulate Bitcoin cheaper than before.

Lark ended his tweet, stating: “This is the dip that you wanted 3 weeks ago.”

3 key reasons for future Ethereum momentum, per Michael van de Poppe

The analyst also published a tweet to express his view on the future Ethereum momentum. He believes that three main reasons now support the likelihood that momentum may return to the second-largest cryptocurrency within the next several weeks.

The first reason is that Bitcoin is now bottoming out, and this is usually a big trigger for altcoins to start on a new bull run. The second one is the hype about spot Ethereum ETFs soon getting stronger. And the final reason is that Ethereum is soon to roll out new upgrades, which are expected to bring down transactional costs on this blockchain by a whopping 90%.

This article was originally published on U.Today

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