It has been just revealed the fact that Bitcoin and altcoins could see huge rallies soon. Check out the latest reports about the matter below.
New crypto predictions are out
A warning has been issued by a trader who previously gained from the crypto breakout earlier this year. The trader, DonAlt, has shared his thoughts with his 53,400 YouTube subscribers in a new strategy session, stating that the latest rallies in Bitcoin (BTC) and altcoin could suddenly reverse.
DonAlt believes that the reason behind the rallies is traders anticipating the approval of multiple Ethereum (ETH)-based futures exchange-traded funds (ETFs).
However, he doesn’t think that the catalyst is strong enough to sustain the latest rallies in the crypto markets. DonAlt explains that the market is pushing into resistance on what he considers as misleading news, and he generally doesn’t like how the market is trading right now.
He points out that the market has tested the cluster of resistance twice before, but this time it is different as he doesn’t like the narrative assigned to it.
DonAlt also highlights that crypto futures products have historically been massively bearish for the digital asset markets.
“I also think in general people just forget how the Bitcoin future ETFs went. If you map them out on the chart, it doesn’t paint any good picture. We’ve had most of the Bitcoin futures ETFs [coming out] at the pico-tops of the market.
We had one in [2017] – that ended the bull market basically. Then we had another one basically 2021, if I remember correctly, also pretty close to the top. It’s just generally not the best track record so I’m very confused.”
Bitcoin futures trading was introduced by the Chicago Mercantile Exchange (CME) in December 2017, coinciding with BTC’s cycle high of $20,000. Although not a BTC futures ETF, this product’s launch coincided with a crypto bear market that saw Bitcoin drop to as low as $3,200 in 2018.
In October 2021, ProShares, an ETF provider, launched the first SEC-approved Bitcoin futures ETF. A month later, Bitcoin hit an all-time high of approximately $69,000 before embarking on a bear market.
