He suggested the cryptocurrency community should prepare themselves for Bitcoin going parabolic.
However, the crypto trader tweeted that the Bitcoin supply shock pressure is already starting to build up. The effect of the upcoming Bitcoin halving is also being strengthened by spot Bitcoin ETF issuers grabbing Bitcoin from cryptocurrency exchanges – BlackRock (NYSE:BLK), Fidelity, Ark Invest, VanEck and others (while Grayscale continues to sell Bitcoin).
As reported earlier, prominent Bitcoin maximalist Samson Mow also tweeted several times that he expects a Bitcoin supply shock and Bitcoin demand shock to meet at some point after the halvening takes place.
The approval of the Ethereum ETF will potentially cause the ETH price to skyrocket as ETF issuers will also begin to scoop up the second-largest cryptocurrency in large amounts. Crypto YouTuber Lark Davis believes Ethereum is likely to surge to the $4,000 level (a prediction first made by Standard Chartered) on that wave of financial institutions purchasing Ethereum.
Besides, Davis suggested that exchange-traded products based on altcoins other than Ethereum are likely to start emerging. He named Dogecoin, Solana, Chainlink and Avalanche coins as the basis for them in particular. These ETFs may be launched by the end of the year, Davis reckons.
He mentioned the Franklin Templeton fund, which has been tweeting about Solana recently, and in an interview with Bloomberg, the fund’s rep stated that the cryptocurrency market may see more ETFs coming from them soon. In January, they launched a spot Bitcoin ETF, EZBC.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
