Altcoin Daily's Deep Dive: Why Bitcoin and Ethereum Are Poised for Growth in Q4 2023

Introduction

In a video released earlier today, crypto market commentary show Altcoin Daily presents a bullish outlook for Bitcoin and Ethereum, emphasizing that Bitcoin has had its strongest September since 2016. The video suggests that a green September historically leads to a green fourth quarter, raising the question of whether October is already “written in the history books” for positive performance.

Bitcoin’s Strong September

According to Altcoin Daily, Bitcoin has posted its first positive September since 2016, breaking an 8-year trend. Historically, a green September has led to positive performance in October, November, and December. The video suggests that Bitcoin is very likely to see a green fourth quarter.

Reasons for Mid to Long-Term Optimism

Altcoin Daily outlines several reasons for being mid to long-term bullish on Bitcoin:

  • October has historically been a great month for crypto.
  • ETF delays are likely to turn into approvals.
  • Recent price pumps have been driven by spot buys rather than leveraged buys.
  • Most of the major FUD (Fear, Uncertainty, Doubt) has already been released.
  • Bitcoin’s halving narrative is gaining mainstream attention.
  • Sellers in the market appear to be exhausted.

The Next 200 Days for Bitcoin

Altcoin Daily predicts that the next 200 days may see some price consolidation and range-bound trading for Bitcoin. However, surviving this period could lead to thriving in the subsequent 518 days, especially after the next Bitcoin halving.

U.S. Lawmakers and Bitcoin ETF

The video mentions that U.S. lawmakers are now urging the SEC and Gary Gensler to allow a spot Bitcoin ETF and to create positive regulations. Altcoin Daily believes that this is a sign of things to come in the regulatory landscape.

Ethereum’s Upcoming Developments

Altcoin Daily shifts focus to Ethereum, highlighting several key points:

  • Financial institutions are preparing to launch Ethereum Futures ETFs.
  • Up to nine different Ethereum Futures ETFs could be approved as early as October 2nd.
  • VanEck plans to donate 10% of profits from their Ethereum ETF to Ethereum core developers.

Ethereum’s Market Metrics

The video points out that Ethereum reserves on exchanges are at their lowest levels in years, with 28 million Ethereum locked in staking contracts. With spot Ethereum ETFs on the horizon, Altcoin Daily suggests that the market may be unprepared for what’s coming.

Ethereum’s Revenue Milestone

Altcoin Daily notes that Ethereum has reached $10 billion in revenue faster than Facebook and Microsoft. This revenue has been generated through transaction fees, decentralized finance apps, NFT trading, and other activities on the Ethereum network.

Final Thoughts

Altcoin Daily concludes by emphasizing the bright future for both Bitcoin and Ethereum, urging viewers to focus on the long-term potential rather than short-term price fluctuations.

https://youtube.com/watch?v=gdycGnzxkNs%3Ffeature%3Doembed

Featured Image via Midjourney

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