Just hold off on assuming that Ether’s price will surge now that spot Ether ETFs have launched. Bitcoin is kind of holding up the price queue, according to pseudonymous crypto trader Roman.
“In the short term. I don’t see Ethereum doing that well, at least for the next couple months,” he predicts in an interview with Hall of Flame.
The popular crypto trader with 56,000 X followers thinks that, similar to the rest of the cryptocurrency market, Ether needs to hang tight and wait for traders to get bored with Bitcoin’s price before they start moving their money into other cryptocurrencies.
“ETH is going to have its time. I think the biggest implication for this is when there’s that liquidity shift,” Roman explains.
When traders start making a liquidity shift by cashing out their Bitcoin for riskier assets, it usually means they think Bitcoin is at, or near, a peak.
Roman recalls that in 2020, Ethereum “didn’t really do well” until Bitcoin hit $40,000, pointing out that when Bitcoin was breaking all-time highs, Ethereum was still down 80% down from its peak price.
“So let’s say Bitcoin gets to $120K. It’ll probably correct down to $90,000 right. On that correction, when those people take profits, they’re not just taking profits and running to the bank. They’re rotating that money into Ethereum and all these other altcoins,” he explains.
“The only way we’re going to get that is if Bitcoin breaks highs and continues really much higher. So more money can pour into it all.”
Roman believes the shift it is likely to happen before December, and adds that Bitcoin breaking $72,000 “is pretty much confirmation” that it is heading towards $90,000.
For anyone still considering jumping into Bitcoin, Roman thinks you might be a bit late to the game. But altcoins could still be worth a go.
“I would not be buying right now. I would think it’s too late at least…
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