A macroeconomist, known as Luxon, has projected Bitcoin’s price to surge to $100,000 in the latter half of the year, contrasting the less optimistic outlook for the approval of a spot Ethereum ETF.
Luxon’s projections echo those of journalist Colin Wu, suggesting that American investment giants could allocate 1-3% of their assets under management (AUM) to Bitcoin (BTC). This shift is attributed to the Federal Reserve’s postponement of its rate reduction from May to June or later, coupled with institutional plans to gradually invest in BTC.
The macroeconomist highlighted the unexpected enthusiasm for spot Bitcoin ETFs, driving an all-time high update ahead of the upcoming halving next month. Luxon characterized this positive trend as “surprising,” especially amid a backdrop of tight monetary policy and delayed easing.
Furthermore, Luxon forecasted Bitcoin’s continued dominance in the cryptocurrency market, citing skepticism surrounding the SEC’s approval of an Ethereum ETF. Concerns revolved around the regulator’s investigation into Ethereum’s proof-of-stake (PoS) mechanism regarding security and price manipulation, as well as the potential classification of Ethereum as a security.
“The prospects for an Ethereum spot ETF are not very optimistic, therefore, it might be a bullish market solely for Bitcoin,” Luxon stated.
Additionally, Luxon highlighted the capital rotation from Ethereum to Polygon and Solana in the absence of ETFs for Ethereum and the growing developer community in Solana.
In related developments, Bloomberg ETF analysts have revised the odds of spot Ethereum ETF approval in May to 35%, with uncertainty prevailing regarding the timeline for ETH ETF approvals.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
