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Crypto trader CryptoBully outlined his views on the potential price movements of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) and the impact of Ethereum ETFs launching.
What Happened: The trader suggested that Bitcoin could see a minimum retest of $65,800, following a cap of $63,300.
He also mentioned being long on a few altcoins, expecting Bitcoin to move sideways or grind up in the near term. The crypto influencer further discussed the non-event nature of ETF launches, dismissing the speculation around volume changes post-launch.
The trader drew parallels with the Bitcoin ETF launch, noting the initial V reverse followed by a slow grind down. He warned of potential lower levels if the price doesn’t move up significantly from the midpoint of the initial wick.
Why It Matters: Crypto Bully expressed a bearish outlook on Ethereum, citing a lack of demand and comparing the situation to the Merge. He suggested avoiding Ethereum spot trades until Bitcoin surpasses and sustains above $67,000. He also mentioned the possibility of accumulating spot across the board if Bitcoin hits its June lows.
His views on the critical reaction of Ethereum at its June low, and the performance of the Ethereum-Bitcoin pair, further add to the trading narrative in the current crypto market scenario.
Crypto trader DonAlt noted the Bitcoin market capitalization dominance chart as a "wild chart." He is surprisd by the increase in Bitcoin dominance given all the money and work that went into the rest of the crypto sector.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
