A widely followed crypto analyst and trader says he no longer has a completely bullish belief on Bitcoin (BTC).
The analyst, pseudonymously known as DonAlt tells His 507,100 followers on the social media platform
According to DonAlt, the asset management giant’s Ethereum ETF filing will likely eliminate BTC inflows.
“This steals BTC’s bid, but turns ETH from one of the worst coins to buy into a decent bet again, ending my bearded ETH crusade.
Makes me less bullish BTC, less bearish ETH.
In short a negative I would say. BTC and ETH have a very similar buyer base. It’s much better if we have a clear story for one without the other and play the rotation game.
In general, BTC is no longer the complete bulltard here, the market has only become more dangerous in my opinion.”
The pseudonymous analyst, who took a long position on Bitcoin last month, say he partially closed the trade with a gain of almost 40% and divested into a potentially more promising crypto asset.
“Fire here sold a large portion of the BTC I bought for $27,000 to $37,500.
We bought a much smaller position in ETH and could outperform for a while even if BTC struggles given the recent news.”
At the time of writing, Bitcoin is trading at $37,107, while ETH is worth $2,047.
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Generated image: DALLE3