The approval of a Spot Bitcoin ETF by the U.S. SEC was a significant event, sparking joy in the crypto community. Despite this, Bitcoin’s price experienced a sharp decline, falling below $43,000. However, some altcoins continue to receive bullish sentiments from investors. A well-known crypto analyst expressed optimism about Ethereum (ETH) scaling solutions reaching new all-time highs (ATH).
The crypto analyst known as Bluntz shared insights on the Layer-2 crypto project Optimism (OP), which has been consolidating just below its ATH. Bluntz predicts that OP will reach new all-time highs over the weekend. According to a chart he shared, if OP breaks out from its current levels, it could see an increase of over 15%, potentially moving above $4.5.
Despite the market’s overall downturn, OP has remained relatively unaffected, trading around $3.81 and only experiencing a 1.5% drop over 24 hours. This resilience has instilled confidence in its investors. Over the past week, OP’s price has surged by 18%, pleasing its investors.
Bluntz also analyzed the Ethereum/Bitcoin (ETH/BTC) pair, noting bullish signals for Ethereum when compared to Bitcoin. He mentioned that despite the weekly chart showing a downtrend for ETH against BTC, the Relative Strength Index (RSI), a momentum indicator closely monitored by analysts, suggests an uptrend for this pair.
Some believe that with the first weekly bullish divergence in six years occurring in an oversold zone, a fakeout is likely, but Bluntz suggests that an altcoin season is truly upon us, and things could get quite irrational. At the time of writing, the ETH/BTC pair was trading at 0.05991 BTC, or approximately $2,552.