Bitcoin Forecasted to Reach $100k as Spot Ethereum ETF Delayed, Says Macroeconomist
An analyst, who goes by the name Luxon, has made a bold prediction that Bitcoin will reach $100,000 in the second half of this year. However, the outlook for a spot Ethereum ETF is not as positive.
Luxon, who is a macroeconomist, shares similar expectations to journalist Colin Wu. He believes that American investment giants could invest between 1-3% of their assets under management in Bitcoin. This is due to the Federal Reserve’s decision to delay its rate reduction, as well as institutional plans to invest in BTC.
Luxon acknowledges that the enthusiasm for spot Bitcoin ETFs has been underestimated, leading to an all-time high before the upcoming halving event. He finds this positive dynamic surprising, considering the tight monetary policy and the delay in its easing.
The expert also predicts that Bitcoin will continue to dominate the cryptocurrency market. He believes that the approval of an Ethereum ETF by the SEC is unlikely, citing skepticism surrounding the proof-of-stake mechanism and concerns about security and price manipulation.
Luxon also mentions the shift of capital from Ethereum to Polygon and Solana, as there are no ETFs available for Ethereum and an increase in the number of developers for the latter.
In related news, Bloomberg ETF analysts have lowered the odds of spot Ethereum ETF approval in May to 35%, with no specific prediction on when approval may be granted.
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