In a recent appearance, Carl Runefelt shared some illuminating insights on the cryptocurrency market, particularly focusing on Ethereum and Bitcoin. The CoinSpeech team collected the most important takeaways from his discussion, which you can find below. Carl Runefelt’s new video is embedded at the end of this article for further details.
Ethereum’s SEC Investigation Dropped: A Game-Changer
The big headline from the session was the breaking news that the SEC has dropped all investigations into Ethereum, making it not a security. As Carl noted, this “shows that all of these altcoins that we see currently in our screen are probably also not securities.” This shift could have a massive impact on the altcoin market, paving the way for more confidence and investment.
Da Vinci commented, “They have to let’s see if they apply the rules evenly to everyone because they don’t generally.” This outcome could set a precedent for how other cryptocurrencies are treated by regulatory bodies.
Bitcoin’s Short-Term Correction
Carl and Da Vinci delved into the technical analysis of Bitcoin, emphasizing that the cryptocurrency is experiencing a “short-term correction.” Carl pointed out, “Bitcoin is trading at a very critical level of support which is at $65,100.” If this level is lost, a drop further to $60,700 or even lower levels could be possible, potentially signaling a bearish phase.
Comparative Analysis: Bitcoin Cycles
An intriguing part of the discussion was the comparative analysis of Bitcoin’s current cycle with previous cycles. Carl highlighted, “Bitcoin is at a stage where we’re in this consolidation period and then eventually after a few months Bitcoin starts to explode towards the upside.” Da Vinci added, “Unfortunately the P Cycle indicator says that it’s probably going to reach around 109,” referring to $109,000 as a potential top for Bitcoin in this cycle.
Institutional Investments and Market Sentiment
Institutional investment was another focal point, with Carl noting, “Institutional investors have offloaded another $152 Million worth of Bitcoin.” However, he assured that this short-term behavior wouldn’t significantly impact the long-term outlook for Bitcoin, saying, “The current level that Bitcoin is trading at is very important for the future trajectory.”
The Future of Altcoins and Ethereum ETFs
Regarding the broader market, Carl and Da Vinci scrutinized the future of altcoins and the impact of the Ethereum ETF. Carl mentioned, “Analysts are expecting a launch for Ethereum and the Ethereum ETFs on July 2nd,” a potentially bullish sign for the market. Da Vinci supported this by adding, “It will be a very positive sign once we have the ETFs available for retailers to buy.”
Tether’s Controversies Addressed
The discussion also touched on the recurring controversies surrounding Tether. Carl shared, “Interestingly enough, the founder of Tether or the CEO of Tether did make these remarks about … why it is sustainable.” Da Vinci emphasized the unique position of Tether, stating, “They can effectively create a bunch of dollars out of nothing that is not backed up and not have the government come down on you.”
Concluding Thoughts
As the session wrapped up, Carl reiterated the cyclical nature of the crypto market, emphasizing the importance of understanding both the short-term and long-term trends. For those invested in Bitcoin and Ethereum, it’s crucial to keep an eye on these market dynamics and regulatory developments.
[YouTube video embed]