According to Odaily, Mechanism Capital co-founder Andrew Kang has shared his insights on the recent market movements of Ethereum (ETH) and Bitcoin (BTC). Kang noted that ETH surged close to $3,600 ahead of the anticipated approval of an ETF. However, he predicts that the ETH/BTC ratio will decline following the ETF's approval or launch. He attributes BTC's strong performance, despite poor market structure, to potential significant developments that have yet to be announced. These could include major new market participants like Dell, a relaxation of crypto policies in China, the introduction of an ETF, or other major national-level BTC adoption initiatives, such as those by the U.S. government. Should these expectations materialize, Kang believes BTC could find a bottom around $50,000, revising his earlier prediction that BTC would drop to $40,000. He also mentioned that most altcoins are likely to hit lower price highs during this rebound, with a few strong memecoins like Mog, Popcat, and Apu being exceptions. Kang highlighted that BTC, ETH, and altcoins have recently declined by 20-50%, and he expects AltBTC to remain weak. He emphasized that adjusting one's perspective in a timely manner is crucial for long-term success.
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