Bitcoin and Ethereum Has ‘Free Walk’ to New All-Time Highs Amid Unprecedented Bullish Setup, Says Crypto Expert
The chief funding officer of Ikigai Asset Administration thinks {that a} setup by no means earlier than seen within the historical past of crypto will push Bitcoin (BTC) and Ethereum (ETH) to contemporary all-time highs (ATHs).
In an extended thread on the social media platform X, crypto professional Travis Kling says {that a} confluence of things is conspiring to gasoline Bitcoin’s rally to a brand new all-time excessive.
“BTC has primarily a free stroll to ATHs.
We simply acquired spot BTC ETFs, which unlock secure entry to BTC for trillions of {dollars} that haven’t beforehand had it.
The halving is a number of months away.
The Fed is more likely to lower charges a number of occasions this yr. Shares are at ATHs and appear like they’re heading greater…
We will argue concerning the tempo to ATHs (1H-24, 2H-24, 1H-25) and we are able to argue about how far past prior ATHs we’ll ultimately go this cycle ($75,000, $90,000, $100,000, $120,000, $180,000), however the path to ATH seems to be extremely simple.
Crypto must do little or no ‘work’ to get BTC into the excessive $60,000s. It’s going to seemingly simply ‘occur’ as a result of we’ve got ETFs and the Fed is easing. We’ve by no means had a setup like that earlier than.”
The halving, which cuts BTC miners’ rewards in half, is anticipated in April.
At time of writing, Bitcoin is price $43,022.
Kling says that Ethereum additionally has the identical setup. However as a substitute of the halving, Kling says Ethereum depends on its burn mechanism which destroys a small quantity of ETH with each single transaction.
The Ikigai government additionally believes {that a} spot market ETH is more likely to get authorised throughout the coming months.
“The identical setup as above can be primarily in place for ETH, simply delayed by three-12 months.
For the very same causes that the SEC was pressured to approve spot [BTC] ETFs (misplaced the Grayscale resolution; courtroom dominated that when you have BTC futures and BTC futures ETFs, it’s important to enable spot BTC ETFs), the SEC is pressured to approve ETH ETFs.
We will argue concerning the timing of approval – March? Most likely too early. Might? Actually doable however nonetheless perhaps a bit early. August? Feels about proper.
I believe it’s fairly unlikely we get to a yr from now and received’t have a spot ETH ETF.
Mix that with Fed fee cuts and the reflexivity inherent within the ETH burn mechanism, and I believe ETH additionally has a free stroll to ATHs, which is up about 100% from right here. Once more, cheap minds can disagree concerning the timing and the way far past prior ATHs ETH will go this cycle, but it surely seems to be like principally a free stroll.
We’ve by no means had a setup like that earlier than.”
At time of writing, ETH is buying and selling for $2,304.
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