Bitcoin Will Continue To Outperform Ethereum For Now
- PHPzOriginal
- 2024-07-21 16:25:011144browse
Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH's price.
Crypto analyst Crypto Kaleo has shared his thoughts on whether Bitcoin will continue to outperform Ethereum in the short term, especially with the launch of Spot Ethereum ETFs next week.
Crypto Kaleo: Bitcoin Will Continue To Outperforming Ethereum In Short Term
In an X (formerly Twitter) post, Crypto Kaleo stated that he does not think that the hype around the launch of Spot Ethereum ETFs next week will lead to Ethereum outperforming Bitcoin. Instead, he predicts that ETH will dip versus its Bitcoin pair next week.
He noted that the hype around the launch of the Spot Ethereum ETFs is warranted, but he suggests that they won’t cause Ethereum to outperform Bitcoin “until a couple of months later.”
Previously, crypto analysts like Michaël van de Poppe predicted that these Spot Ethereum ETFs will lead to massive moves for Ethereum. He also suggested that these funds could kickstart altcoin season as Ethereum and other altcoins outperforming Bitcoin. Moreover, crypto analyst Linda predicted that these Ethereum ETFs will drive ETH’s price to $4,000 soon enough.
However, Crypto Kaleo suggested that the market shouldn’t be too hopeful for an immediate price surge as these Spot Ethereum ETFs launch next week. The crypto analyst raises the possibility of this launch following the same playbook and being another sell-the-news event. He hinted that this would likely be the case, stating that these events often play out this way.
Crypto Kaleo believes there is no need to worry if the Spot Ethereum ETFs launch turns out to be another sell-the-news event. He remarked that such development would be an “absolute gift” for those who are really bullish on this market cycle. He added that the market is still heading “way higher” from here and that market participants might just need a little more patience before the “fun really starts.”
No doubt about Ethereum’s bullish outlook
Based on predictions made by several crypto analysts like Tyler Durden, there is no doubt about Ethereum’s bullish outlook. The crypto token is set to rise much higher heading into the latter parts of the bull run. Durden suggests that Ethereum’s rise to $10,000 is inevitable and attributes this parabolic price surge to the Spot Ethereum ETFs.
Previously, crypto analyst Altcoin Daily stated that Ethereum’s rise to $10,000 is “programmed” and highlighted the Spot Ethereum ETFs as one of the reasons why the second largest crypto by market cap will enjoy such price gains. The Spot Ethereum ETFs are bringing new money into the Ethereum ecosystem, which will help boost ETH’s price.
Recently, Bitwise’s Chief Investment Officer (CIO) Matt Hougan predicted that these funds could attract as much as $15 billion in their first month of trading. Meanwhile, research firm K33 predicts that these funds could attract as much as $4.8 billion in their first five months of trading.
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