Altcoin analysts revisit the short-term outlook for the week of December 19, when Bitcoin was stuck below $17,000. Analysts, who pointed out the low volatility before the new year, are of the opinion that we will see a deep correction in the coming weeks. The good news is that the correction is short-lived and lays the groundwork for higher levels.
Credible expects ‘before’ fix for these 3 altcoins
The prominent Twitter analyst has updated his Bitcoin and Ethereum short-term forecasts. The technical analyst says in a new video that Bitcoin will likely bounce “into the $19,000 range.” However, he states that before that, he needs to protect the $16,300-16,400 region. According to the analyst’s predictions, if Bitcoin manages to stay above $16,000 in the short term, it will gather enough strength for $19.
The analyst then looks at Ethereum’s chart. He says that ETH price will follow the bullish moves he mentioned above. Credible also expects Ethereum price to bottom below $1,073 soon. The analyst says this drop will be short-lived and ETH will record a local bottom here. The technical view of the analyzes is as follows:
Lastly, Credible addressed the opportunities in the Curve DAO (CRV) chart. He said that just like Ethereum, the CRV price will follow Bitcoin’s momentum. The crypto analyst predicts that CRV will bounce back to the $0.50 region before seeing a correction. He says that we will see a rise from this region to $ 0.70 later. For its outlook for 2023, Credible has predicted that the CRV price will climb up to its 1.55 target. CRV is currently trading at $0.5289 and would gain close to 3x in such a case.
Rekt Capital has issued a warning for these altcoins
Another popular analyst says that the failure of Bitcoin to break $ 17,150 does not bode well for the health of the market. As you can see from the cryptokoin.com analysis, BTC has been stuck at $ 17,000 since the beginning of the week. In their new analysis, Rekt predicts that Bitcoin could drop 20% from a critical resistance of $17,150:
New BTC bottoms are possible, especially if $17,150 continues to act as resistance. Therefore, a drop of up to -20% to $13,900 cannot be ruled out. A -20% drop for BTC will definitely negatively impact altcoins, causing them to drop more than -20%.
According to the analyst, if historical bear market data shows a bearish trend especially for Bitcoin, this will have a direct impact on the altcoin market. Rekt states that many altcoin prices are currently more than 90% off ATH. Therefore, he says that BTC’s protection of $ 17,150 is a good chance for the altcoin market.
These levels are critical for Ethereum and Cardano
Next, Ethereum looking analyst predicts it will see further declines after turning a critical support level into resistance:
This December, ETH failed to recover quarterly support. In fact, the same old quarterly support acts as a new resistance. If ETH does indeed close below $1,300 per month, then much lower prices are expected in the new year.
This December, $ETH has failed to reclaim a 3-month support
In fact, this same old 3-month support is acting as new resistance
If #ETH indeed Monthly Closes below ~$1300 then much lower prices likely await in the New Year#Crypto #Ethereum
— Rekt Capital (@rektcapital) December 19, 2022
Rekt Capital recently took a look at the Cardano chart. He said that the ADA price has not been strong enough to reverse the downtrend anytime soon:
ADA has tracked -91% in this BTC bear market. More negativity will follow below as there has been no major support for a while.
19022
