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  • Mustafa Mulla
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    Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Bitcoin Bottoms Out? Analysts Predict Altcoin Explosion with Ethereum ETF Launch

Story Highlights
  • Analysts predict Bitcoin's price has stabilized and expect a rise in altcoin prices due to the launch of the Ethereum ETF.

  • While some altcoins outperform Bitcoin, the market remains volatile.

  • The drop in Bitcoin dominance and decrease in institutional buying of Bitcoin indicate a potential rise in altcoin popularity.

As Bitcoin teeters around $56,600 after a brief dip to $53,500, the crypto world is abuzz with bold predictions that could set the stage for a thrilling market shift. With speculation swirling that Bitcoin may have reached its nadir and the eagerly anticipated Ethereum ETF on the horizon, altcoins are gearing up for a potential breakout.

An explosion could be brewing!

Bitcoin’s Bottom: Is It Here?

Crypto analysts are suggesting that Bitcoinโ€™s final bottom might fall between $52,000 and $54,000. Despite recent fluctuations, this range is thought to signal the end of Bitcoinโ€™s downward trajectory. This prediction comes at a crucial juncture when many investors are grappling with uncertainty about Bitcoinโ€™s short-term prospects. For market watchers, this is a pivotal moment.

Will Ethereum ETFs Change the Game?

The forthcoming Ethereum ETF launch is poised to make a significant impact on the cryptocurrency landscape. Itโ€™s expected to attract a wave of institutional investments, giving a major boost not only to Ethereum but also to other altcoins. As these assets gain more attention and investment, their prices could experience notable upward movements.

However, examining the performance of the top 50 non-stablecoin altcoins reveals a mixed picture, only seven tokens recorded gains, while approximately 13 managed to outperform Bitcoin. However, five of these tokens experienced losses, highlighting the volatile nature of the market despite positive indicators.

Bitcoin’s dominance had been steadily climbing since the beginning of the year, following a clear upward trend. Yet, the performance of the crypto market in late June and early July disrupted this trajectory, causing BTC dominance to fall below its previous uptrend line.

Institutional Interest: A Decline?

The recent drop in crypto prices has left many Bitcoins without buyers, with substantial accumulation seen in over-the-counter (OTC) reserves. OTC transactions are a key indicator of institutional interest, and the recent downturn suggests a waning enthusiasm among institutions for purchasing Bitcoin.

As of now, Bitcoinโ€™s dominance stands at 54.80%, having dropped more than 2% in just 24 hours. This decline has fueled speculation among observers that we might be on the brink of an altcoin season.

Read Also : Crypto News Today: House Set to Challenge Bidenโ€™s Veto on SAB 121

With the Ethereum ETF on the horizon, are you ready to jump into the altcoin market? Let us know.

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