Ethereum
One analyst sets the bar high with Bitcoin (BTC) at $150,000 and Ethereum (ETH) at $15,000.
Bitcoin and Ethereum have managed to attract crowds with stunning rallies this year. With the approval of their respective spot ETFs, the world’s largest cryptocurrencies are expected to attract billions.
This is why popular analyst Lark Davis made bold predictions regarding top assets.
Bold predictions for Bitcoin and Ethereum
In a recent Tweeter, Davis predicted that Bitcoin would hit $150,000 and Ethereum would hit $15,000, driven by market momentum. He highlights the inflows already seen in spot Bitcoin ETFs, which attract hundreds of millions of dollars daily.
Ethereum ETF are about to start trading, which is expected to further fuel market enthusiasm. Davis said he anticipated a bullish scenario in which a bull market peak would coincide with massive investments from countries, wealth managers, pension funds and retail investors, resulting in the daily injection of billion dollars in ETFs.
According to Davis, this confluence of factors means that current bullish sentiments are likely underestimating potential growth.
“Imagine the scenes where retail trading is there and the bull market is at its peak. While countries, wealth managers, pension funds and individuals will buy billions of dollars worth of ETFs every day. You’re really not optimistic enough.
BTC ETFs accumulate 1 million BTC; ETH prepares for recovery
As of May 24, the total amount of Bitcoin held by all spot ETFs stands at approximately 1,002,343 BTC, with a notable proportion allocated to US-based products out of the 32 ETFs currently available. This speaks to growing acceptance and growing institutional interest in cryptocurrencies, particularly in the United States.
Additionally, the fact that spot Bitcoin ETFs collectively hold over a million BTC implies increased demand for the asset. As these ETFs acquire and hold Bitcoin, it reduces the available supply in circulation.
With cryptocurrency supply fixed and decreasing due to factors such as halving events, increased institutional interest and investments via ETFs could intensify scarcity, potentially leading to further increases in demand and price.
Meanwhile, Ethereum price failed to challenge the $4,000 resistance, but promising signs are emerging that could spark a much-needed upside, depending on the latest price. analysis.