The crypto market has cooled off ever since Bitcoin (CRYPTO: BTC) hit a new all-time high of $73,750 in mid-March, but the growing consensus is that this is just a temporary breather until the next big catalyst emerges. With that in mind, now could be a unique buying opportunity for cryptos ready to surge higher later this year.

Two cryptos that particularly stand out are Bitcoin and Ethereum (CRYPTO: ETH). Both have enormous long-term upside potential, and both have near-term catalysts in place. Let's take a closer look at why Bitcoin and Ethereum should be on your radar right now.

Bitcoin

No surprises here, but Bitcoin is at the very top of my "buy ASAP" list. That's because a major event for Bitcoin -- the halving -- is fast approaching. It's now scheduled to take place on April 19, and when it does, the price of Bitcoin could absolutely skyrocket. The growing consensus is that the halving could be the big catalyst that's needed to push Bitcoin past the $100,000 price level.

In fact, many investment analysts are now ratcheting up their price forecasts for Bitcoin. Standard Chartered, for example, has raised its 2024 price forecast from $100,000 to $150,000. Investment firm Bernstein recently raised its 2025 price forecast to $150,000. And Cathie Wood of Ark Invest has repeatedly raised her Bitcoin forecast, from $1 million to $1.5 million to $2.3 million and now $3.8 million.

Just keep in mind, there is no guarantee that this year's halving cycle will be as impactful as previous ones. However, it's hard to ignore the historical track record for Bitcoin. There have been three previous halving cycles (in 2012, 2016, and 2020), and each one has led to new all-time highs for Bitcoin. As a result, there is a compelling case for buying Bitcoin ASAP before the 2024 halving cycle really kicks in.

Ethereum

Ethereum also has a near-term catalyst that makes it a "buy ASAP" candidate. This is the potential launch of new spot Ethereum exchange-traded funds (ETFs). According to Bloomberg, there is a nearly 35% chance of this happening by the end of May.

If these spot Ethereum ETFs come anywhere close to the success of the new spot Bitcoin ETFs, then watch out. That's because the Bitcoin ETFs have been extraordinarily successful in persuading both retail and institutional investors to move their money into crypto. At one point in mid-March, the net inflows into these ETFs were running at the rate of over $1 billion per day. And that has helped to send the price of Bitcoin surging.

The same phenomenon could occur with Ethereum. Long story short, approval by the Securities and Exchange Commission (SEC) of a new investment product could unlock a huge inflow of new money into Ethereum. Granted, these Ethereum ETFs may never garner as much investor demand as the Bitcoin ETFs, but they will help to put a nice floor under the price of Ethereum for the foreseeable future. As investors ratchet up their allocations to Ethereum over time, the floor will continue to rise.

So what could possibly go wrong?

At this point, both Bitcoin and Ethereum probably sound like slam dunk investments. They both have surged in price more than 55% this year. They both have very near-term catalysts in place. And both have long historical track records that make them seem "safer" than other more speculative crypto investments.

My only concern is that the SEC could step in at any moment and put a real damper on the current crypto euphoria. The SEC could, for example, decide that it will not approve any more crypto ETFs. In addition, it might revisit the whole debate over whether or not Ethereum is actually a security, and that would likely take away any chance of seeing an Ethereum ETF before the start of summer. To use a common Wall Street metaphor, the SEC would be taking away the punch bowl before the party really gets going.

That's why I'm also focusing on the long-term allure of Bitcoin and Ethereum. Together, they account for nearly 70% of the value of the entire crypto market, and for good reason. They are both market leaders with real-world use cases and extensive blockchain ecosystems. Their pace of usage and growth will only accelerate over time, and as a result, I'm willing to buy them now and hold on for the long term.

Should you invest $1,000 in Bitcoin right now?

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Dominic Basulto has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

2 Cryptos I'm Buying ASAP and Holding for the Long Term was originally published by The Motley Fool