What’s Next For Bitcoin and Ethereum? Experts Weigh In
The post What’s Next For Bitcoin and Ethereum? Experts Weigh In appeared first on Coinpedia Fintech News
On Saturday, the cryptocurrency market showed a decrease in its previous level of volatility, with a 1.5% drop in the prices of Bitcoin and Ethereum. Despite this, profit-taking in the crypto market remains high, with over $98 million liquidated in the past 24 hours. Analysts believe that the crypto market is currently in a period of calm before the next bout of volatility.
Analyst Rekt Capital predicts that the next few weeks will be a crucial moment for the entire cryptocurrency market. If the previous rally continues, it would signal the end of the bear market and the start of a multi-week consolidation stage.
However, if there is a significant drop below $18k, a bearish trend could be indicated by a death cross between the 50 and 200 WMAs.
A similar narrative has been shared by on-chain analytic firm Santiment which cited a significant spike in whale transactions on altcoins.
Big whale transaction numbers are showing up on several #altcoin networks today. This doesn’t necessarily mean a dump is in progress, but it does indicate that increased volatility is likely. Check out our insight covering $LRC, $AAVE, $DYDX, & $CRV.
https://t.co/pxmEhyhfP5 pic.twitter.com/BzWiKne77z
— Santiment (@santimentfeed) February 3, 2023
According to Santiment, Ethereum traders are less convinced that the bull case scenario will persist in the coming weeks. As such, a significant increase in Ethereum profit-taking has been recorded.
DonAlt’s Analysis
According to popular pseudonymous crypto trader DonAlt in a recent YouTube video, the crypto market has more upsides in the coming months. However, the analyst warned if Bitcoin closes February below $20.7k, the bullish thesis will be invalidated.
“You have a lot of upsides. I think the upside on the monthly is basically if you don’t want to be too greedy, is $34,000,†DonAlts noted.
The analyst shared a similar thought on Ethereum, which hit $17k for the first time in months. As such, the analyst thinks Ethereum will hit $2.5k if the bullish thesis is not invalidated in the coming weeks.
With conflicting opinions from different experts, the future of the cryptocurrency market remains uncertain. Some predict a continuation of the bull market, while others see the possibility of a bearish trend. With so much at stake, it’s important to stay informed and make informed decisions.
