Analysts Evaluated Bitcoin and Ethereum: “We Expect the Rise to Continue!” Here’s Why!

With the increase it experienced, it reached up to 38,000 dollars Bitcoin Yesterday, it dropped suddenly to $ 35,600.

Recovered afterwards BTCcontinues to be traded at $ 37,000 at the time of writing.

at this point QCP Capital In his post on Telegram, he said that BTC had a very good week.

EthereumAnalysts who also studied ETHHe said that it performed better than Bitcoin.

“What a great week it was! Since our last post, BTC continues to remain above the 36,000 level while Ethereum rose from $1900 to $2100 overnight.

ETH’s outperformance relative to BTC overnight can be attributed to Blackrock applying for a spot ETH ETF in the near future. We were already expecting a similar strategy for ETH as when Blackrock first applied for a spot BTC ETF.

“There has been activity in multiple areas as participants continue to bet on BTC ETF approval, while FOMO also begins to kick in.”

The Rise Was Also Supported by Macro Data!

Stating that institutions are excited about the spot ETF, analysts said that BTC futures open positions in CME surpassed Binance.

At this point analysts “Although spot BTC ETF approval is expected to be delayed until January 2024, the new narrative created by the spot ETH ETF will be enough to re-stabilize the market. “ said.

In addition to the sentiment created by the spot Ethereum ETF, analysts noted that macro developments also support risky assets such as cryptocurrencies.

“While employment data in the US has long pointed to a strong US economy, the macro picture has become slightly more positive in the short term, as interest rate pause expectations remain firmly in place.

However, we expect the rise in cryptocurrency prices, especially Bitcoin, to continue to be supported by macro data.

Dips will be quickly bought as FOMO tries to get investors on board.”

Although analysts’ expectations and macro picture are good, BitcoinReminding that ‘ is at critical resistance levels, he advised investors to be more careful for a while.

*This is not investment advice.