Cryptocurrency markets are surging due to strong Spot Bitcoin ETF weekly inflows and a significant development suggesting that spot Ethereum ETFs may have a good chance of being approved.
What Happened: Major cryptocurrencies are trading higher at the time of writing. Bloomberg senior ETF analysts Eric Balchunas and James Seyffart sent markets into a frenzy by updating their ETF approval odds from 25% to 75%. Balchunas attributes this change to “chatter” that the Securities and Exchange Commission “could be doing a 180,” potentially for political reasons.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Analyst Notes: Cryptocurrency traders and analysts are bullish following the new developments:
Even $72000 will be a low price for Bitcoin, months from now$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) May 20, 2024
Part-time researcher and crypto trader Bitcoin Ape observes that most market cycles follow a historic pattern, and the current bull cycle “appears to be imitating a pattern from the last one.”
He writes that “the current consolidation is setting the stage for a run to another ATH before the market peaks.” Additionally, many altcoins have not yet reached a new peak, making it “unlikely that we have seen the market top yet.”
Bitcoin technical analyst CryptoCon predicts that Bitcoin is still on track for a Layer 7 price target of $149,000 by the end of the year, while the more conservative Layer 6 has a target of $108,000, which marked the 2013 cycle top.
#Bitcoin is still on track for a layer 7 price target of 149k by the end of this year.
This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.
The more conservative layer 6 has a target of 108k by that time, which is the layer that… pic.twitter.com/Hg3YyZO3Qf
— CryptoCon (@CryptoCon_) May 20, 2024
