Bitcoin (BTC) is down by 3% since June twenty fourth, whereas Ethereum (ETH) managed to remain barely up from its preliminary price on Monday, regardless of the market sell-off on that very same day. Hank Wyatt, founding father of DiamondSwap, shared with Crypto Briefing that this efficiency disparity will be attributed to the hype across the upcoming spot Ethereum exchange-traded funds (ETFs) within the US.

Moreover, Wyatt highlighted that there’s concern surrounding Mt. Gox cost plan set to start out in July, as reported by Crypto Briefing. 

“News about the distribution of repayments to creditors caused a mild panic. Both BTC and ETH are influenced by ETF expectations, with analysts noting significant inflows into Bitcoin ETFs. These inflows have been a major driver of BTC’s recent price increases, with ETF issuers buying way more BTC than is produced daily, pushing prices up,” he added.

Regardless of the present Mt. Gox panorama, Wyatt sees “a lot of potential” for Bitcoin within the second semester of 2024, particularly trying on the macro stage. However, the shorter time-frame continues to be crammed with bearish tendencies.

“BTC has lost multiple key support levels like the 100-day moving average (MA100), 20-day moving average (MA20), 50-day moving average (MA50), and the 100-day exponential moving average (EMA100). The MA50, a crucial bull market indicator, broke down on Tuesday, June 18th. Two days later, BTC tried to rally towards the MA50 level but got rejected at ~$66,500,” defined DiamondSwap founder.

Notably, as analysts comparable to Bitfinex’s and Rekt Capital imagine a neighborhood backside is in, Wyatt underscores the significance of the MA50 stage and the breakout of a falling wedge sample within the every day chart.

“This breakout could be more explosive than previous ones, potentially driving BTC above $72,000. However, given the current sideways movement, I don’t expect significant price changes before Q3,” he concluded.