Crypto Analyst Sells Bitcoin for Ethereum Amid ETF Expectations
Following the approval of the 11 Spot Bitcoin ETF, the Bitcoin (BTC) price increased significantly, approaching $49,000. But then the oldest cryptocurrency witnessed a bearish trend and is currently trading around $43,000. Amid the declines, one crypto analyst sold a significant portion of his Bitcoin holdings to buy Ethereum (ETH).
Why did the crypto analyst sell Bitcoin for Ethereum?
Crypto Rover, a popular crypto analyst on YouTube and X, stated in a recent video that he is considering a significant Bitcoin sale in favor of investing in Ethereum. Additionally, he noted that ETH has a better upside than BTC. He attributed this to Spot Ethereum ETFs, which are expected to launch within four months.
The analyst added that a major Ethereum upgrade is also planned to launch within the next four months. Therefore, he expects the combined effect of these two events to increase the Ethereum price in an unprecedented way. However, he also noted that he started selling Bitcoin last week when it approached $49,000.
Additionally, Rover highlighted that Bitcoin recorded over $200 million in short-term liquidations. He noted that Bitcoin tends to capture liquidity before significant chart movements. Therefore, he expects BTC price to rise above $43,500 before a significant correction.
He also added that the rise could be extended to $44,500 before expected declines. Additionally, the analyst stated that he would place a buy order for BTC once the price drops to around $39,750, which would indicate a major correction. However, he also stated that a major rise could come if Bitcoin breaks the $44,500 resistance and continues above it.
Also Read: Arthur Hayes Expects Hong Kong to Block Bitcoin ETF Adoption in the West
BTC Price Today
Bitcoin price has fallen significantly after reaching $48,969.37 last week. Moreover, despite efforts to recover, it has fallen significantly since then. It chased the $43,500 mark but was rejected.
At the time of writing, the BTC price fell 0.15% to $42,778.53 on Tuesday, January 16. On the other hand, the market value of crypto is at 838.70 billion, with a decrease of 0.14%. Additionally, 24-hour trading volume decreased by 1.69% to $20.90 billion.
Also Read: BlackRock CEO Backs Ethereum ETF After Bitcoin Success
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