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10x Research: Bitcoin is expected to hit a new high if it breaks through $72,000, which may be affected by over-allocation of Ethereum futures positions
2024-06-12 05:13
Odaily News 10x Research said in its latest market analysis that if the Bitcoin price climbs above $72,000 ($71,946), it could break new highs. However, over-allocation to Ethereum (leveraged) futures could lead to a negative impact on Bitcoin, and Bitcoin is more favored than Ethereum (BTC fell 5% last week and ETH fell 9%). Comments by US SEC Chairman Gary Gensler that it will take time for the Ethereum ETF S-1 to be approved seem more likely to start unwinding leveraged long positions rather than re-pricing Wall Street's interest rate expectations. Enthusiasm around the Ethereum ETF has dropped significantly, and the ETH/BTC ratio continues to decline.