Bitcoin Outperforms Ethereum: Traders Analyze Market Trends and ETF Impact

Prominent Trader Shares Bitcoin, Ethereum 'Levels Of Interest' And ETF Launch Lessons

Bullish on altcoins but advises against Ethereum spot trades until Bitcoin trends above $67,000. Crypto trader CryptoBully outlined his views on the potential price movements of Bitcoin BTC/USD and Ethereum ETH/USD and the impact of Ethereum ETFs launching. What Happened: The trader suggested that Bitcoin could see a minimum retest of $65,800, following a cap of $63,300. He also mentioned being long on a few altcoins, expecting Bitcoin to move sideways or grind up in the near term. The crypto influencer further discussed the non-event nature of ETF launches, dismissing the speculation around volume changes post-launch. The trader drew parallels with the Bitcoin ETF launch, noting the initial V reverse followed by a slow grind down. He warned of potential lower levels if the price doesn't move up significantly from the midpoint of the initial wick. Also Read: Bitcoin Showing 'Obvious Strength Against Ethereum,' Trader Foresees 'Major Opportunity' Ahead Of $100K Why It Matters: Crypto Bully expressed a bearish outlook on Ethereum, citing a lack of demand and comparing the situation to the Merge. He suggested avoiding Ethereum spot trades until Bitcoin surpasses and sustains above $67,000. He also mentioned the possibility of accumulating spot across the board if Bitcoin hits its June lows. His views on the critical reaction of Ethereum at its June low, and the performance of the Ethereum-Bitcoin pair, further add to the trading narrative in the current crypto market scenario. Crypto trader DonAlt noted the Bitcoin market capitalization dominance chart as a "wild chart." He is surprisd by the increase in Bitcoin dominance given all the money and work that went into the rest of the crypto sector. What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19. Read Next: Prominent Trader Details The Crypto Markets Dipped And What Could Happen Next This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock Market News and Data brought to you by Benzinga APIs

Bitcoin Showing 'Obvious Strength Against Ethereum,' Trader Foresees 'Major Opportunity' Ahead Of $100K

Investors should remain on alert, as Bitcoin's strength may not prevent a significant altcoin market drop. Crypto trader and analyst CrediBULL Crypto predicts a possible downturn for Ethereum ETH/USD, while Bitcoin BTC/USD demonstrates strength. What Happened: CrediBULL Crypto noted that Ethereum is halfway to its downside target, while Bitcoin is showing obvious strength against the altcoin. This is in line with his previous prediction that ETH would hit major high timeframe support while BTC would front-run it. Currently, the trader thinks, "With the amount of weakness we are seeing on ETH right now it's certainly possible ETH sees new local lows (sub $2800) while BTC makes a higher low." However, he cautioned that if BTC starts to lose momentum and dips into the $53,000 range, it could trigger a significant downturn across the altcoin market. He tells his followers to stay alert, as a move down into the weekly demand ($50,000-$53,000) for BTC would be a significant opportunity before the next leg up to higher than $100,000. Also Read: Ethereum ETFs Are Live: Here's How Experts Assess Their Launch Why It Matters: CrediBULL Crypto's analysis provides valuable insights into the potential future movements of the crypto market. His predictions are based on market trends and the relative strength of BTC against ETH. His optimistic outlook for BTC, despite potential short-term dips, suggests confidence in the long-term strength and resilience of the leading cryptocurrency. In his tweet last week, CrediBULL stressed the ideal buy zone for Ethereum being $2,200 to $2,700, which is right below a pair of equal lows and into HTF demand. He also said it would be sensible for Bitcoin to front-run that equivalent zone of its own, finding support at weekly demand above $50,000. What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19. Read Next: Bitcoin Rebounds To $67K, Ethereum To $3,250: Are ETFs Buying Again? This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock Market News and Data brought to you by Benzinga APIs

Prominent Trader Details The Crypto Markets Dipped And What Could Happen Next

Despite a rocky ETH ETF launch and significant Grayscale sell-offs, the macroeconomic landscape remains constructive for crypto. Renowned economist and trader Alex Krüger analyzed the factors influencing the recent crypto market correction, particularly the importance of the "Trump trade." What Happened: Krüger pointed out a series of factors including the vulnerability of tech stocks, a shift from tech stocks to small caps and the Bank of Japan's impending hike and tapering of quantitative easing. He also discussed the impact of the assassination attempt on former President Donald Trump and the partial unwinding of the "trump trade." The economist also sees the appointment of Kamala Harris as the Presidential Nominee as one of the factors contributing to that. Krüger highlighted the role of equity-crypto correlation algorithms, the technical correction across crypto assets and the narrative around Bitcoin becoming a strategic reserve asset. He also mentioned the Bitcoin BTC/USD conference and the larger-than-expected Ethereum ETH/USD selling flows from Grayscale as factors. Also Read: Trump's Bitcoin Support A Political No-Brainer To Garner Votes, Says Peter Schiff: Promise To Make King Crypto A Reserve Asset 'Won't Be Kept' Why It Matters: Krüger's analysis provides a comprehensive understanding of the dynamics affecting the crypto market. Despite the disappointing launch of the Ethereum ETFs, nothing major has changed, he adds. His prediction sees the market trading the elections theme for the rest of the year, with Republicans likely to win, which he sees as bullish. He added that the current market has priced in around a 60% probability of Trump winning. While he states the probability could fluctuate, he foresees short euphoria/depression cycles until November with an upward trend. Krüger also expects the Federal Reserve to start its cutting cycle in September and believes there will be no hard landing, keeping things constructive on the macro side. Kruger's insights offer valuable context for investors navigating the volatile crypto market. What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19. Read Next: Ethereum Banner Raised Outside NYSE, Industry Observer Says Moment 'Might End Up In The History Books' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock Market News and Data brought to you by Benzinga APIs