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ETH Price Poised for January Spike Amid Bitcoin Cooling: Analysis

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ETH Price Poised for January Spike Amid Bitcoin Cooling: Analysis

Bitcoin has experienced a surge in liquidity recently, reaching $43,500, as attention shifts to Ether. Data from Markets Pro and TradingView has shown that Bitcoin is repeating its price action within a narrow intraday range. Although Bitcoin saw new highs of $43,515 the day before, it gave back all its gains but is now attempting to regain its position. Overall BTC/USD lacks direction, and traders are turning their attention to Ether. Some analysts believe that Ethereum will outperform Bitcoin, especially if upcoming upgrades are successful, potentially reaching $48,000 before the halving.

Rekt Capital, a popular trader and analyst, suggested that ETH/USD may even mimic the movement that saw it reach 18-month highs last month. In regards to altcoins, Rekt Capital concluded that there is ongoing consolidation within a narrowing wedge construction, but that bulls could take control. This could potentially kickstart the Q1 Altcoin Hype Cycle.

In the United States, Bitcoin exchange-traded funds (ETFs) are also experiencing positive developments. The Grayscale Bitcoin Trust (GBTC) has seen lower outflows compared to the previous week, with around 2,600 BTC ($114 million) leaving the trust. Bitcoin ETFs have recorded seven consecutive days of net inflows, according to data shared by popular trader Daan Crypto Trades.

BitMEX Research, the analysis arm of BitMEX crypto exchange, deemed the latest inflows a good result for leader BlackRock but a slow day for other ETF providers. These developments in the Bitcoin ETF market provide encouraging signs for investors.

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