Spot Bitcoin ETF approval was perhaps the biggest event of the past week and even the last year. After the approval by the SEC, although there was great joy in the cryptocurrency world, an incredible drop occurred with the price turning from the $49,000 level, and Bitcoin price fell below $43,000. Nevertheless, investors in some altcoins continue to make bullish statements.
A well-known crypto analyst in cryptocurrency circles, known as Bluntz, made some statements to his followers and the crypto world. In his statement, he mentioned that the Layer-2 crypto project Optimism (OP), which has been frequently mentioned recently, has consolidated just below its all-time high (ATH) levels in recent days.
According to Bluntz’s view, Optimism (OP) will reach its all-time high levels this weekend. Looking at the chart shared by Bluntz below, it can be seen that if Optimism makes a potential exit from its current levels, it could move above $4.5, experiencing more than a 15% increase.
OP seems to have been relatively unaffected by the recent market downturns. At the time of writing, OP is trading at $3.81, having only a 1.5% decrease over the past 24 hours, providing confidence to its investors with its solid stance.
Despite today’s drop, the performance of OP over the last week has been more than satisfactory for its investors. OP’s price has increased by a full 18% in the last 7 days.
The Current State of ETH/BTC
On the other hand, the analyst did not only examine the future of Optimism. According to Bluntz, Ethereum (ETH) is showing bullish signals when examined against Bitcoin (BTC).
While Bluntz pointed out that the ETH price is on a downward trend in the weekly chart against BTC, the relative strength index (RSI), a momentum indicator closely monitored by analysts for overbought or oversold conditions, is showing an upward trend in this pair.
Some people are still making maximum bids to BTC with such an ETH/BTC weekly candle, which is the first weekly bullish divergence in the oversold zone in six years, indicating a fakeout at a major high time frame range low. Simply put, they won’t succeed, I believe the altcoin season has really arrived. I think things are about to get really absurd.
At the time of writing, the ETH/BTC pair was trading at 0.05991 BTC, which is approximately $2,552.
