According to PANews, Andrew Kang, co-founder of Mechanism Capital, suggested that approval of the ETF could be delayed by a quarter or two. He made this statement on Platform
Despite the market momentum shifting from bullish to bearish due to the lack of significant ETF inflows, Kang remains confident in Bitcoin’s strength, asserting that its price will not fall below $50,000. While the weekly chart may indicate a double top to some, Kang believes that the market structure has changed significantly from previous cycles. He attributes this to a greater number of DCA buyers creating higher bottoms and equilibrium points for Bitcoin, while the influence of high-momentum players like 3AC, Alameda, and Celsius is relatively small.
As for Ethereum, Kang expects its price to remain stable until the ETF is listed, but its upside this year is limited, and it will likely peak around $4,000. However, if fund inflows disappoint or there is a major sell-off of ETHE, its price could drop to $2,000 to $3,000. Kang points out that the hype and familiarity with Ethereum in the market is unusually high, which has led investors to have slightly higher expectations for ETFs than regular buyers.
Kang also mentioned Solana’s excellent performance this cycle, but he also saw a reversal in demand for meme trading, which had an impact in both directions. If meme trading is temporarily halted in the coming months, we could see SOL price approach $80 again.
