Analysts believe that while the expectation is for Bitcoin to reach new heights, it’s possible Ether could surprise investors.
Brian Quinlivan, an analyst at Santiment, told Cointelegraph Wednesday that his firm was “seeing an anticipation for Bitcoin’s next ‘all-time high’ across social media. Since markets move the opposite direction of retail’s expectations, this usually is a sign that we aren’t quite ready for another bullish surge yet.”
Bitcoin’s “frustrating” Close calls can lead to an aggressive upswing
Quinlivan said that the absence of doubt had proven to be true, and with Bitcoin it has been shown.BTCAfter bouncing off the top of all-time a few times, sentiment is now in a position that will propel Bitcoin over its current high.
Bitcoin was trading at $106,679 as of the publication date, only 2.1% away from its all-time record high of $111,970, reached on May 22. according CoinMarketCap is a great place to start.
“It wouldn’t be surprising if we do break through very soon after we see a few frustrating ‘close calls’ that cause small traders to turn sour and impatient on BTC, neutralizing this level of optimism,” Quinlivan said.
The Crypto Fear & Greed IndexThe. This measure of overall market sentiment is reading an “Greed” A score of 72 on a 100-point scale.
According to Dr Sean Dawson, head of research at Derive, he believes Bitcoin “will likely underperform” In the third quarter this year.
Bitcoin’s Q3 is historically the worst.
The third quarter is historically the weakest quarter for Bitcoin, with an average of 6.03%, and the fourth quarter the strongest. according CoinGlass Data
Dawson said that macroeconomic insecurity is a major concern for traders. “Despite political pressure for rate cuts, the Fed seems poised to keep interest rates steady, which could dampen Bitcoin’s appeal for outsized returns,” “He said”
Related: Bitcoin’s ‘fair value’ could be as high as $230K — Bitwise analysts
On June 18, 99.9% market participants believe that Federal Reserve interest rates will remain the same, between 4.25% and 4.50%. according CME offers a FedWatch tool.
Quinlivan highlighted that Bitcoin remains a controversial cryptocurrency. “high level of optimism toward Ethereum.”
“More and more eyes have turned to Ethereum,” “The asset is now in our possession,” he added. “playing catch-up since markets began their recovery in mid-April.” EtherETH( ) hit a low on April 9 of $1472, but recovered since then to reach $2,793 at the time of publishing. according CoinMarketCap provides data on the market.
“Bitcoin’s jump over the past couple of months has, of course, allowed profit redistributions to allow other market caps to achieve. And it really wasn’t clear until ETH was really seeing maximum bearishness a couple of months ago.”
Dawson added that, in the coming months, the volume of overall crypto-trading may drop, due to investors taking vacations as summer approaches in Northern Hemisphere.
“This seasonal lull raises the chances of sideways movement or even sharp pullbacks, as traders take profits from earlier gains,” Dawson said
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Source: cointelegraph.com
