10x Research: If the price of Bitcoin climbs above $72,000, it could potentially reach a new high
10x Research stated in its latest market analysis report that if the price of Bitcoin climbs above $72,000, it could reach new highs. However, over-allocation of Ethereum (leveraged) futures may have a negative impact on Bitcoin, and Bitcoin is more favored than Ethereum (last week BTC fell by 5%, ETH fell by 9%). Comments from Gary Gensler, Chairman of the U.S. SEC, about needing time to approve Ethereum ETFS-1 seem more likely to start unwinding leveraged long positions rather than repricing Wall Street's interest rate expectations. Enthusiasm around the Ethereum ETF has significantly decreased and the ETH/BTC exchange rate continues to decline.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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