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Crypto Analyst Sells Bitcoin For Ethereum Amid ETF Anticipation – Crypto News

Published

3 years ago

January 16, 2024

Dripp

After the approval of the 11 Spot Bitcoin ETFs, the Bitcoin (BTC) price shot up significantly, nearing $49,000. However, subsequently, the oldest crypto witnessed a bearish turn, now trading at around $43,000. Amid the declines, a crypto analyst sold off a substantial share of his Bitcoin holdings to acquire Ethereum (ETH).

Why did the crypto analyst sell Bitcoin for Ethereum?

In a recent video, Crypto Rover, a popular crypto analyst on YouTube and X, stated that he is considering a significant Bitcoin selloff to invest in Ethereum. Additionally, he noted that ETH has a better upside than BTC. He linked this to the upcoming Spot Ethereum ETFs that are expected to launch in four months.

The analyst added that a major Ethereum upgrade is also slated for launch in the next four months. Hence, he expects the coupled impact of both these events to propel the Ethereum price up unprecedentedly. Whilst, he noted that last week, he began selling off Bitcoin when it neared the $49,000 mark.

Furthermore, Rover underscored that Bitcoin has registered over $200 million in short liquidations. He noted that Bitcoin tends to grab the liquidity before significant chart movements. Hence, he expects the BTC price to surge past $43,500 before a notable correction.

Moreover, he added that the surge could be extended to $44,500 prior to the anticipated declines. In addition, the analyst stated that he will place buy orders for BTC when the price falls around $39,750, indicating a massive correction. However, he also noted that if Bitcoin breaks the resistance at $44,500 and sustains over it, a massive surge could follow.

Also Read: Arthur Hayes Expects Hong Kong To Hinder Bitcoin ETF Adoption In West

BTC Price Today

The Bitcoin price slumped significantly after attaining a high of $48,969.37 last week. Moreover, it has since experienced significant declines despite attempts to rebound. It retraced the $43,500 mark but faced a rejection.

At press time, the BTC price witnessed a dip of 0.15% to $42,778.53 on Tuesday, January 16. Whilst, the crypto holds a market cap of 838.70 billion, down by 0.14%. In addition, the 24-hour trade volume dropped by 1.69% to $20.90 billion.

Also Read: BlackRock CEO Backs Ethereum ETF After Bitcoin Success