Q3 Bitcoin: Concerns over weakening upward momentum...Attention on Ethereum's ”chasing battle”

Expectations for Bitcoin to reach new all-time highs are growing on social media amid speculation that the cryptocurrency may struggle in the third quarter.
Cointelegraph reported on the 11th (local time) that "Analysts are warning that such public sentiment towards Bitcoin could actually limit its short-term rise, and Ethereum
"The cryptocurrency has recovered from a bearish market and is garnering market attention," said Brian Quinlivan, an analyst at on-chain analytics firm Santiment.
"Expectations are growing that Bitcoin will hit a new all-time high in the near future," said Quinlivan, a former cryptocurrency maker, in an interview with Cointelegraph on the 10th. "Market prices are generally trading at a retail high."
"The current high optimism could delay any real upswing. Bitcoin actually fell to 1.5% on May 22.
It hit an all-time high of $111,970 (approx. JPY 16.23 million) and was trading at around $109,502 (approx. JPY 15.88 million) as of 5 p.m. on the 11th (Japan time), showing a relatively stable price.
"If short-term investors become disappointed and turn pessimistic after repeated 'attempts to close,' this disappointment will counteract the optimism and lead to a strong uptrend," Quinlivan said.
He added that the cryptocurrency is currently running the Fear & Greed Index.
The China Consumer Goods Index (CGA) scored 72 out of 100, indicating the "Greedy" stage.
Sean Dawson, head of research at crypto derivatives platform Derive,
Dawson predicted that "Bitcoin will likely underperform other assets in the third quarter."
Unlike Bitcoin's lackluster progress, optimism for Ethereum is on the rise.
"After the market started to recover in mid-April, Ethereum started to catch up late," Inrivan said. "More and more investors are now paying attention to Ethereum."
Ethereum fell to $1,472 (approx. JPY 210,000) on April 9, but has since recovered to $2,793 (approx. JPY 400,000). Quinlivan said, "Bitcoin's bullishness is profitable.
"This has created an environment in which other assets with high market capitalization can rise by inducing a redistribution of assets," Dawson said.
"The market is expected to enter a holiday period, which increases the likelihood of lower trading volumes and corrections," he added. The market could remain flat or even fall sharply, especially if short-term gains realization continues.
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