Bitcoin and most major altcoins have bounced off strong support levels. This momentum challenges overall resistance to sustain the upward move. 6 expert crypto analysts are waiting for the next levels for Bitcoin and Ethereum.
According to Santiment, Ethereum will rise with these signals
Santiment says that Ethereum volume on exchanges is increasing and the same drop will mark the beginning of the bullish cycle. According to the analytics firm, the amount of Ethereum held on the first cryptocurrency exchange currently stands at over seven million. This amount is a figure that was last reached in May 2021.
The crypto analytics firm says the ratio of Ethereum held by exchanges to Ethereum held off exchanges has reached a one-year low.
Santiment also adds that the reason Ethereum’s transaction fees remain low is due to the limited number of Ethereums in circulation.
As a result, according to Santiment analysts, Ethereum will recover after the bullish signals begin to flash. Many crypto analysts are also not surprised that Ethereum is experiencing a short correction.
Justin Bennett maps Bitcoin and Ethereum’s next targets after correction
Popular Twitter analyst Justin Bennett says that BTC fluctuates between support levels. In the latest issue of the Cryptocademy newsletter, the analyst noted:
Bitcoin tried to reclaim $23,450 but failed. BTC also closed the day below $23,000; this could be problematic for the rally as this level is likely to serve as resistance at the moment. The next key support for BTC is $22,400, followed by the $21,600 level. BTC will need to retrace $23,000 and $23,450 on a daily close basis for it to become constructive again.
This level will be critical if Ethereum fails to hold $1,520
As for Ethereum, the current $1,650 is not surprising for Bennett, who says ETH is weak below 1,700. The analyst says that ETH price will test the $1,400 zone:
For now, if we see the markets pull back this week, the $1,520 area is likely to act as critical support for ETH. A close below this will open $1,420 again. Ethereum will need to close one day above $1,700 to become constructive again. Until then, the market will remain under pressure.
Blake Morrow expects 52-week lows for Bitcoin
FXStreet analyst Blake Morrow talks about the risks for Bitcoin to visit 52-week lows at $17,600, especially if the bears continue to dominate the market as the next few days (NFP tomorrow and US CPI next Wednesday) enter two key data points. Morrow shared the chart below for this scenario in their latest analysis.
Evidence of Bitcoin bottoming out
Another analyst says the worst is over for Bitcoin. In a new Youtube video, InvestAnswers analyst said that Bitcoin’s price pattern is in an uptrend.
The analyst then shares a chart from crypto trader Washigorira that he says shows Bitcoin already bottoming out. According to the chart below, Bitcoin could test $12,000 as the bottom of an ascending channel.
Is the situation really that bad for Bitcoin and Ethereum?
Edward Moya said that although Bitcoin’s relationship with stocks is still solid, it has underperformed for the past few days. Moya commented on the current prices in their latest analysis:
Rising expectations of Fed rate hikes have limited how high Bitcoin can go for now, but as long as investors are confident the peak in Treasury yields remains in place, Bitcoin may already have bottomed out.
But Moya is confident about cryptocurrencies as a whole:
Calls that cryptos are dead have been exaggerated. In fact, crypto is alive and well.
Meanwhile, yields on 10-year Treasury bills fell 5.3 basis points to 2.696 percent on Thursday. The gap between yields on two-year and 10-year Treasuries closed down 35.7 basis points lower, reaching its lowest inversion since 2000, Reuters reported. According to Moya, stocks largely ignored this reversal.
TOTAL analysis
On the other hand, cryptocurrency analyst Justin Bennett said that if he retraces the $1.05 trillion level, the total market cap would reach $1.15 trillion.
https://twitter.com/JustinBennettFX/status/1555344499014090752
The market total cap (TOTAL) value is currently hovering over $1.05 trillion.
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