Analysts painted a bleak picture for Bitcoin while highlighting a positive outlook for Ethereum, revealing the new altcoins catching investors’ attention.
QCP Capital analysts suggested that approval for a spot Ethereum ETF could be on the horizon in early July.
Repayments to creditors in the Mt. Gox incident, famously known as the Bitcoin nightmare, are anticipated. A significant BTC transfer recently occurred in Mt. Gox wallets, sparking price reactions.
As the impact of Mt. Gox transfers on BTC prices persists, QCP Capital analysts pondered the possibility of this trend continuing. They believe that the uncertainty surrounding the Mt. Gox incident could hinder the rise in BTC prices.
Despite the uncertain future of Bitcoin, analysts remain positive about ETH. They foresee a favorable outcome with spot ETH ETFs potentially driving prices towards $4,000-5,000 by the end of June.
With Blackrock’s update on its Ethereum ETF application, QCP analysts anticipate potential approval by early July. Additionally, investors have shifted their focus to higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE), which have seen significant gains and are among the top 10 in Open Interest.
“Investors are turning to higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE), which have seen double-digit gains (10-20%) and are gaining traction in the market. BlackRock submitted updated S-1 forms overnight, with other issuers likely to follow suit soon. Final approval for ETH ETFs could come in early July.”
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