ETH Etf And BTC thoughts

BTC is hot again over the past couple of days, mainly because there was a change in the ETH ETF front. Some major ETF analysts have changed their prediction from 50-50 to 75-25 in favor of the ETH ETF approval from the SEC. Additionally, there has been some refiling from the parties involved.

Now, I believe that the ETH ETF won't be approved, and here's why: the SEC has an ongoing legal dispute with the ETH Foundation, and Gary Gensler considers that ETH is a security. The approval of an ETF requires five votes—two from Democrats, two from Republicans. Currently, Democrats are against crypto while Republicans are pro-crypto. The fifth vote belongs to Gary Gensler, and I am sure he won't vote in favor. The only reason the BTC ETF was approved was because numerous legal battles negated every attempt from Gary to classify BTC as a security, leaving him with no excuse to vote against it. Therefore, I believe it will take 2-3 more years for an official ETH spot ETF to be approved.

Now, let's see how Bitcoin is doing these days.

BTC has finally bounced back, fully reclaiming the range it was in since late February. It is now headed to break the previous ATH and enter a price discovery phase to find the next ATH. The only level that holds some relevance for now, and where I'm watching for a possible long entry, is the $62,700-$64,500 range, which BTC left with an open gap that it will fill at some point. However, at this moment, I don't believe that will happen. I believe BTC will go higher, and this is the point to buy for the new leg up. Maybe not today; I would wait until tomorrow when there will be a ruling on the ETH ETF. After that, I would probably look for an entry. If the ruling is yes, then the best entry point is now.

On the BTC dominance front, we see that we have found some support on this trendline. I believe we might have one last leg up to 57%-58%, and then we will drop significantly. What does this mean? It means we will enter a period where altcoins surge dramatically, with daily increases of 20% being considered modest. This phase doesn’t last long, so from the moment the trendline is broken to the downside, the best period for crypto begins, but it comes with a time limit.

Therefore, we all have to be cautious. Yes, at the start, you might consider going all-in as every altcoin, even old dinosaurs, will likely pump like crazy. However, when that surge stops, remember how bad 2022 was. Ride the wave, but be prepared to abandon ship when the signs appear.