Crypto Trader CryptoBully Outlined His Views on the Potential Price Movements of Bitcoin (BTC) and Ethereum (ETH) and the Impact of Ethereum ETFs Launching

The trader suggested that Bitcoin could see a minimum retest of $65,800, following a cap of $63,300.

Crypto trader CryptoBully shared his views on the potential price movements of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) and the impact of the launch of Ethereum ETFs.

Crypto Bully outlined his views on the potential price movements of Bitcoin BTC/USD and Ethereum ETH/USD and the impact of ETF launches.

Here's what the crypto trader had to say:

Crypto Bully suggested that Bitcoin could see a minimum retest of $65,800, following a cap of $63,300.

"MONEY MAKER THREAD; 26/07Trading plans, $ETH and $BTC levels of interest and some lessons to take away from Ethereum ETF launch1/n? pic.twitter.com/jDvNncuwqE"

He also mentioned being long on a "few" altcoins, expecting Bitcoin to move sideways or "grind up" in the near term.

The crypto influencer further discussed the non-event nature of ETF launches, dismissing the speculation around volume changes post-launch.

"I'm surprised by the increase in Bitcoin dominance given all the money and work that went into the rest of the crypto sector."

The trader drew parallels with the Bitcoin ETF launch, noting the initial V reverse followed by a slow grind down. He warned of potential lower levels if the price doesn't move up significantly from the midpoint of the initial wick.

Also Read: Bitcoin Showing ‘Obvious Strength Against Ethereum,’ Trader Foresees ‘Major Opportunity’ Ahead Of $100K

Crypto Bully expressed a bearish outlook on Ethereum, citing a lack of demand and comparing the situation to the Merge. He suggested avoiding Ethereum spot trades until Bitcoin surpasses and sustains above $67,000. He also mentioned the possibility of accumulating spot "across the board" if Bitcoin hits its June lows.

His views on the critical reaction of Ethereum at its June low, and the performance of the Ethereum-Bitcoin pair, further add to the trading narrative in the current crypto market scenario.

Meanwhile, another crypto trader, DonAlt, had this to say about the Bitcoin market capitalization dominance chart.

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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