Bitcoin‘s price experienced a rapid drop following the Securities and Exchange Commission’s (SEC) request for an update to ETF applications. However, it recovered quickly. Although BlackRock has not yet updated its application, we have seen updates to other ETF applications. Altcoins have begun to rise, and BTC is relatively flat at the $30,500 level.
Will Bitcoin Increase?
The high volatility days of cryptocurrencies are back. While BTC manages to remain calm, activity in altcoins is increasing over the weekend. Popular analyst Pentoshi, who accurately predicted the finale of the 2021 bull market, shared his latest update on the current situation with cryptocurrency investors. Pentoshi said that the recent pullback in Bitcoin already met his previous prediction that Bitcoin could briefly fall below $30,000.
“I was hoping for some fills at $29,200 in any pullback, but there is preliminary work above that. As a result, the market structure is now better.”
According to the analyst, the recent $29,500 test triggered by the SEC has allowed the bullish sentiment to settle on a more solid ground. According to the analyst’s chart, BTC price will start a new rally towards the $32,400 level.
Will Ethereum Rise?
The crypto analyst also has an eye on Ethereum, which he says could follow Bitcoin’s footsteps. Especially Ethereum, which has completed the transition to full PoS with Shapella, is attracting long-term investors with the narrative of negative inflation. However, it has not been able to stay above $2,000 for a long time. This has frustrated many investors, but things may soon change.
Pentoshi said about ETH;
“I think it’s time for ETH to shine next. It will move towards the highest levels of the year with such a structure. But maybe you will be shaken along the way.”
The analyst, who expects Ethereum’s star to shine in the coming days, is expecting an accelerated rally towards $2,150. In this scenario, we may see altcoins related to ETH such as RPL, LDO diverging positively in the market. Even more important, the rise in ETH has generally been a signal encouraging the rest of the altcoins for a rise.
However, cryptocurrency markets are full of surprises. We will all live and see what the coming week will bring us.