Bitcoin (BTC) and the broader crypto market witnessed a relief bounce following recent bullish developments, but the analyst highlighted what could send the market into a downtrend again. Why The Crypto Community Should Not Get "Too Excited” After Solana ETFs Rally Martinez mentioned in an X (formerly Twitter) post that the crypto community should not get too excited because $22 million will be liquidated from the crypto market if Bitcoin drops to $60,700.
Regardless, there is still enough reason for the crypto market to be excited, as VanEck’s filing for the first-ever Spot Solana ETF marks a significant milestone not just for the Solana ecosystem but the crypto ecosystem in general. Other asset managers can be expected to file for a Spot Solana ETF in due time, and the potential approval of these funds could usher in more crypto ETFs just as the approval of a Spot Bitcoin and Ethereum ETF motivated VanEck to file for this Spot Solana ETF.
Meanwhile, the Spot Ethereum ETFs are expected to begin trading soon, providing more bullish momentum for the crypto market. Technical Indicators Also Point To More Rallies For Bitcoin Martinez recently highlighted an Adam and Eve bottoming pattern, which he claimed seems to be forming on Bitcoin’s chart.
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