Our NewsFirstLine team has to just give ourselves a pat on our shoulders. Call it luck or what not, but our early call in the first week of November 2023 about the potential start of a bull run was smack on accurate. Of course, hindsight is always 20/20 but time has proven us right!
So, the Bitcoin ETFs have launched. Again as we predicted back in our December article, the rise in Bitcoin was quickly followed by a rapid rise in altcoins. We would say the OGs of crypto would have liquidated some of their Bitcoin holdings to get into the altcoins. After all, smart money always get into the action first.
Inflows into Bitcoin ETFs have been rapid. And concern regarding a supply crunch (not enough BTCs to go around) may further accelerate Bitcoin price increase.
Is this different from the year 2021? Definitely. And fundamentally much more so. This time round, we are talking about institutional, companies and HNWIs buying into Bitcoin in a safe and regulated vehicle.
As the price of Bitcoin continues to rise, so will the FOMO effect. Together, both factors create a recipe for rapid price growth. Forget whatever other news channels are looking and predicting (don’t you think they always report the has-beens?). Macro fundamentals rule at the end of the day.
Over the next several months, we should be looking at Ethereum ETFs being seriously considered by the U.S. SEC. Ethereum is fundamentally different from Bitcoin. One can say that Bitcoin is the godfather of crypto but Ethereum is the godfather of altcoins.
A validation and listing of Ethereum ETFs will greatly propel the altcoins market. Because, what has happened is that the dam has cracked open for the possible listing of a basket of altcoins ETFs. Major altcoin project may even get its own dedicated ETF listing. However, when and if this should happen remain a distant dream for now. The consensus among the crypto community is definitely the impending consideration of the Ethereum ETFs.
So, the crypto bull run has started. Watch out for good altcoin projects that could potentially yield 10x and even 50x for the rest of this year.
