Ethereum
Where do Bitcoin and Ethereum go from here? — TradingView News
Pseudonymous cryptocurrency trader smileycapital provided a comprehensive perspective of the current cryptocurrency market, focusing on the bottom. altcoins processthe future of Ethereum and the limited nature of the range Bitcoin .
What happened: Smileycapital believes that altcoins are in a bottoming out (HTF) process. “Seller momentum is weakening as the weeks go by,” he noted, predicting that this trend would continue in the third quarter, with altcoins starting to rise around September.
According to him, altcoin/Bitcoin ratios are also low, indicating that altcoin prices in USD are not expected to fall much further. He advises looking for HTF formations, especially 3-4 clicks on the daily and weekly charts, as some altcoins might start to overtake major coins, hinting at market changes.
- Smileycapital is optimistic about Ethereum’s performance against Bitcoin, despite poor timing for a Ethereum ETF launch. He predicted that initial ETF flows may not be significant until the fourth quarter, which could align with the altcoin bottoming process. This could trigger renewed interest in the market.
- Bitcoin is expected to remain limited, and could break out in October-November. Influencer price targets of $30,000 to $50,000 are probably off the mark. The trader hints at significant price compression and warns, “You don’t want to see this trading below $56-57,000,” unless a black swan event occurs.
Why is this important: For active traders, Smileycapital advises that it is not advisable to dump all long positions until market conditions change. He said: “Take profits. Good in the short term? Take profits. Good in the long term? Take profits. »
For passive investors, he suggests optimism is key and recommends not over-rotating investments. “I think values at these levels are very attractive for long-term holdings,” he notes, suggesting a progressive dollar cost averaging (DCA) strategy.
Smileycapital’s nuanced view of the crypto market suggests that active traders should focus on profit-taking and adaptive strategies. Meanwhile, passive investors should maintain their conviction and consider long-term positioning in undervalued altcoins.
And after: Bitcoin’s influence as an institutional asset class is set to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.
Read Next: Top Crypto Analyst Sees Ethereum and Altcoin Reversal Coming: “Back Up in the Next Weeks”
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