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In the cryptocurrency markets, a decision on the spot Ethereum ETF is expected later today, while a well-known analyst stated that the bull cycle in the crypto market has not yet started.
Analyst’s Bitcoin and Ethereum Commentary
Kaleo, one of the analysts closely followed by investors, made significant statements on the social media platform X. According to the analyst, the real bull market in cryptocurrencies has not yet begun.
The crypto analyst stated that Bitcoin (BTC) is currently in an accumulation phase after a pause, preparing to move towards a level three times higher than its current price of around $200,000.
Every major bull market’s upside has seen significant wear from a post-halving growth percentage perspective, and each all-time high (ATH) movement has decreased by about 3.5 times compared to the previous cycle. If this trend continues, the ATH for BTC in this cycle will fall somewhere between $150,000 and $200,000.
As of the time of writing, Bitcoin was still trading around the $69,000 region. This price level emerged after a roughly 1.5% drop. Despite today’s Nvidia reports and the decision from the US, the lack of price change continues to worry investors.
Meanwhile, the analyst, who also commented on Ethereum (ETH) ahead of the spot Ethereum ETFs expected to be decided tomorrow evening, believes that ETH, which is at the top of altcoins, could rise to around $12,000 in this cycle.
Today’s news may be fun, but this chart is just heating up. Send it higher.
As of the time of writing, ETH, which is known to be under all the attention, continues to trade at $3,737, which means a 1% drop.
Analyst’s Altcoin Commentary
Kaleo, who also made a general comment about other cryptocurrencies, stated that the large capital inflows seen on the Bitcoin and Ethereum side could trigger a major rise frenzy on the altcoin side and said:
The opportunity that comes with this kind of money movement will be crazy. Alts and DApps (decentralized applications) will go wild. We will likely see a crypto-specific DApp enter the mainstream market at some point. Retail has not even appeared en masse yet. Don’t let the interruption shake you. We are just heating up.
