Bitcoin is about to create its next lag towards the upside and yes in two days from now on we’re expecting the ethereum ETF is going to get launched and whenever this is happening we are starting to move towards altcoin season. I will give a huge update about Bitcoin and why I think we’re going to be having a next exponential lag towards the upside.
Ethereum ETF and Altcoin Season
I will talk about the ethereum ETF, why altcoin season is literally about to be starting right now, and I will be diving deeper into the fundamental reasons why Bitcoin is about to have another big bull market. So without any further ado, don’t forget to slam that like button back above 1,000 likes on today’s update video and let me get started with first of all talking about the Bitcoin price action.
Bitcoin’s Buy Signal and Historical Trends
Bitcoin is creating some very interesting signals I need to discuss right now here and these two moving averages I am currently seeing are right now flushing a very important buy signal. Just like it did in 2016, this buy signal flashed and Bitcoin rallied over approximately 4,000% towards the upside. Right now for the second time ever, this exact signal is flashing again while Bitcoin is indeed creating a very big bullish hammer candle right now on the monthly time frame.
Promising Consolidation and Pre-Bull Market Stage
While we have indeed seen 5 months of consolidation exactly below all-time highs, this is looking very promising in my opinion. So if we’re going to be looking back about what part of the cycle we are in, we can currently see that we are in this pre-bull market stage. Every single time once Bitcoin has that hint, we tend to see a couple weeks of consolidation before we absolutely see that takeoff. It happens every single time.
Historical Consolidation Patterns and Upcoming Runup
It happened here in 2012, it happened here in 2016 for Bitcoin, and it happened here in 2020. Bitcoin consolidated for approximately 4 to 3 months sideways and then we had that absolutely blow towards the upside towards new all-time highs. If we’re looking at this cycle again, we can currently see Bitcoin has been going sideways for about 2 and a half to 3 months after the Bitcoin halving, exactly what has happened every single time before as well. Now it looks to be that we’re in that stage where the next big runup could get started for Bitcoin.
Bitcoin’s Strong Consolidation and Market Stimulus
- The consolidation is looking very good.
- I mean, we’ve been holding up above $60,000 USD for a very long time.
- While this is happening, we’re seeing a lot of very good developments happening in the background.
- If we’re looking first of all at the US elections, we’re probably going to get a crypto-favorite President.
- Also, if we’re going to be looking at the interest rates, which basically means how much the economy is getting stimulated, we can see that starting from September there’s a 91% chance that we are actually going to be seeing interest rate drops.
- That would literally mean that the market is going to get stimulated again and that is ultimately going to be a very bullish thing for crypto.
Recognition and Positive Developments for Bitcoin
Fed Chair Powell said that Bitcoin has staying power as an asset class, so it is getting recognized first through the spot Bitcoin ETF but also through the FED Chairman Jerome Powell. So things are looking very good. Also, Donald Trump is considering the CEO of JP Morgan as treasury secretary and he’s saying that he’s changing his tune on bitcoin and crypto. More and more bullish developments are happening in the background as the wider landscape of crypto is changing.
Ethereum ETF Launch and Impact on Altcoin Season
| Information | Details |
|---|---|
| Reason for holding $64,000 USD on Bitcoin | That is also one of the reasons why we’re still holding up that $64,000 USD on Bitcoin. |
| Belief about consolidation phase | I do believe that this consolidation phase is literally going to be ending anytime soon |
| Bull flag pattern on Bitcoin | Whenever the bull flag pattern on bitcoin breaks out here, guys, I really do believe that we are going to be going towards $100,000 and beyond. |
| Important news about Ethereum spot ETF launch | But let me get to the important news here and that is that most likely this Tuesday the ethereum spot ETF is going to get launched. |
| Fees for spot ETH ETF | In front of your screen, you can currently see the fees that all these issuers are asking for the spot ETH ETF. |
Anticipated Inflows and Market Impact of Ethereum ETF
More importantly, whenever this ETF is going to get live, there are going to be millions and millions of dollars flowing into the ethereum ETF, which is allowing a lot of money into the ethereum ecosystem. This is ultimately most likely going to be kickstarting an altcoin season because as more liquidity goes into ethereum, it is going to be spreading across all these altcoins and that is of course exactly what we want. Just like with the Bitcoin ETF, guys, in the first few weeks, we didn’t see a lot of inflows but currently after the Bitcoin ETF has been live for exactly 6 and a half months, we can now see that it has attracted more than 16.5 billion US dollars.