đ¨After spot Bitcoin ETFs, time for altcoins and the fundamentals of traditional finance
â Spot bitcoin ETFs have been approved by the Securities and Exchange Commission (SEC), so this is the end of a series of months. Bitcoin should now give up its leading position to altcoins, in particular to Ethereum catching up with great upside potential on the ETH/BTC pair.
đ¨The medium-term upside potential of the ETH/BTC pair is significant
â The series of several months regarding the approval of spot bitcoin ETFs is now over with the final validation by the Securities and Exchange Commission (SEC), with a touch of rage along the way. Gary Gensler could not help but clarify that this was only an approval of the listing and trading of ETF-type financial products and not an endorsement of Bitcoin for its own sake.
â In any case, end of story for the red line which has guided prices since spring 2023. For BTC, this is a strong argument in favor of the target of 70,000 US dollars this year. And for altcoins, this is very probably the starting point for a relative catch-up with the dominance of BTC which should no longer go really higher.
â After a graphical overview of BTC pairs (NEAR/BTC, BNB/BTC, LINK/BTC, ETH/BTC, etc.), numerous bullish reversal configurations are identifiable. In particular, I have a clear preference for the very strong upside potential of the ETH/BTC pair which should reach its historic record this year 2024.
â A superb bullish price/momentum divergence (momentum being represented here by the RSI technical indicator) is valid on the weekly time horizon, and it is my favorite medium-term buying strategy for this year.
