ETH/BTC Price Trend: Correction Expected Despite ETH ETF Launch, Analyst Says

IconCryptoNewsTerminal Staff15 Jul, 2024

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ETH/BTC Price Trend: Correction Expected Despite ETH ETF Launch, Analyst Says

Mechanism Capital Co-Founder Predicts Dip in ETH/BTC Price After the launch of the ETH spot ETF, Ethereum's price against Bitcoin (ETH/BTC) is predicted to experience a downward trend, according to Andrew Kang, co-founder of Mechanism Capital. Kang believes this dip is due to the emergence of positive market catalysts, such as major companies entering the crypto space and China softening its stance on cryptocurrencies. These factors could cause a surge in Bitcoin's market dominance, potentially driving the ETH/BTC ratio lower. Despite the predicted dip, Kang suggests that the bottom price for BTC could reach $50,000. This scenario would require sustained momentum from the positive market catalysts.

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