Crypto Jebb recently shared some crucial insights on his YouTube channel, and CoinSpeech has collected the most important takeaways from his appearance. You can find his new video below.
Gary Gensler Approves Ethereum ETFs
Gary Gensler, traditionally known for his anti-crypto stance, has signaled a significant shift. The Ethereum ETFs, long awaited, are “coming in September,” according to Gensler. This is a notable change given how he previously attempted to block Bitcoin ETFs until overruled by a court ruling favoring Grayscale.
“Gensler realized he could either approve the Ethereum and Bitcoin ETFs and do it on his terms or not have a say in it and they get approved anyway,” Jebb explained, indicating that Gensler’s hand was somewhat forced by the looming possibility of a changing political landscape.
Market Sentiment and Cryptocurrency Trends
The cryptocurrency market has experienced a mixed bag of trends recently. “There has been some degree of bullishness coming out of many of the different cryptocurrencies, but not that much,” Jebb noted. He pointed out that several cryptos are down by over 20% in the last seven days, suggesting this trend might soon reverse.
Bitcoin is down 5.78% in the last seven days, trading at $67,000, while Ethereum is down to $3,500, marking a 7.7% decrease in the same period.
Michael Saylor’s Big Move
Michael Saylor is once again making headlines with MicroStrategy’s plan to acquire $500 million more Bitcoin. This move comes as the company already holds over 214,400 Bitcoins, valued at approximately $14.52 billion, translating to just over 1% of the total circulating supply.
“Michael Saylor basically buys Bitcoin whenever and wherever with very little strategy; he just accumulates,” Jebb pointed out, underscoring Saylor’s bullishness on Bitcoin’s future.
Predicting a Bullish Q4
Drawing on historical patterns and current market trends, Jebb is optimistic about an upcoming rally: “With Bitcoin trading sideways, we are printing a right shoulder… the inverse Head and Shoulders pattern is nearly complete.” He anticipates that the approval of the Ethereum ETFs will act as the next catalyst for a market uptick.
“Historically speaking, Corrections on the Bitcoin market during bull markets generally last between 3 and 6 months,” Jebb elaborated, indicating that we might be nearing the end of a corrective phase.
With substantial support levels built around $60,000, Jebb is confident that “the next leg of the bull market to the upside” is just around the corner, likely driving Bitcoin towards $100,000 and Ethereum to $5,000-$8,000 ranges by Q4.