- Ethereum’s upcoming Merge has shifted the crypto community’s focus from Bitcoin and other cryptocurrencies to ETH.
- Analysts have identified an extreme negative bias towards Bitcoin as Ethereum prepares for the Merge and the proof-of-work hard fork.
- Analysts predict a jump up to $46,687 in Bitcoin price as the BTC hit bottom.
Traders are focused on Ethereum’s transition to proof-of-stake, a historic moment that ETH holders and the crypto have awaited. Crypto traders have shifted their focus from Ethereum to Bitcoin as the negative bias towards BTC builds.
Also read: Bitcoin traders play waiting game ahead of CPI data and the Merge
Negative bias against Bitcoin on the rise, traders prefer Ethereum
Based on data from Santiment, there is a shift in trader sentiment towards Bitcoin. Traders are focused on Ethereum’s upcoming Merge. Bitcoin is largely ignored despite its recent climb above $22,000. This type of negativity towards Bitcoin was identified by analysts at Santiment.
Negative bias toward Bitcoin
As eyes turn towards Ethereum, negative-themed discussions surrounding Bitcoin have surfaced online across social media platforms. The lack of overall discussion of BTC in conversations and online interactions is one of the key reasons for a low sentiment score.
As opposed to Bitcoin, Ethereum is enjoying popularity among traders as conversations surrounding the Merge and the ETHW fork become mainstream. The Merge is considered a bullish catalyst for Ethereum. Similarly, despite the negative sentiment and bias towards Bitcoin, analysts have predicted a rally in the asset.
Bitcoin price prepares to hit the $46,687 level
Crypto Wolf, a pseudonymous crypto analyst and trader believes that the Bitcoin bottom is in. The analyst believes Bitcoin is currently in the three-month accumulation range. Once Bitcoin price clears the $25,000 level, an expansion is likely.
BTC-USD price chart
Analysts at FXStreet evaluated the Etherum price chart and identified an excellent opportunity for patient bulls as the Merge approaches closer. The Merge is scheduled for September 15, 2022, therefore Ethereum is expected to continue its climb and break past the $1,700 level.
For more information on key milestones ahead of the ETH Merge, checkout the timeline of events below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.