Leading crypto Bitcoin (BTC) is struggling to stay above $21,000. Leading altcoin Ethereum (ETH) is gearing up for September’s Merge. The CoinMarketCap crypto community forecasts the price of Bitcoin and the leading altcoin Ethereum for September 2022.
Bitcoin predictions of the crypto community
The leading crypto Bitcoin (BTC) initially showed signs of a breakout. It then faced a renewed battle to keep its price above $21,000. However, it continues to show a downward trend. Notably, Bitcoin is coming out of a two-month rally that has resulted in its price reaching $25,000. Investors are now focusing on the next target price of the crypto.
Accordingly, the crypto community at CoinMarketCap predicts that Bitcoin will trade at an average of $29,346 by the end of September 2022, up 36.75% from its current value. The price target is based on the votes of 20,683 community members.
Bitcoin crypto community price prediction / Source: CoinMarketCapThe community’s forecast remains bullish after Bitcoin’s recent rally tried to push the asset away from the expanded bear market. However, the crypto market is reacting negatively to the Fed’s decision to raise interest rates. Moreover, macroeconomic concerns continue to take center stage. Therefore, BTC failed to exceed $25,000.
Bitcoin struggles to stay above $21,000
According to press time, Bitcoin was trading at $21,500, down almost 10% over the past seven days. However, over the period, BTC also broke below $21,000.
Bitcoin 7-day price chart / Source: CoinMarketCap
Amid the volatility, crypto analyst Michaël van de Poppe argues that Bitcoin is stable. But he suggests the asset could borrow some strength from activity in the eurozone. In this context, the analyst says:
Well, it’s good that Bitcoin remains stable while the rest drops heavily. If the euro reverses and stocks take a bounce, it’s possible for Bitcoin to gain strength.
“Bitcoin (BTC) has more chances of correction”
Elsewhere, crypto analyst Rekt Capital says Bitcoin could correct further, especially after the asset trades below the 200-week moving average. As we reported as Kriptokoin.com, the analyst states that historically, when the asset exceeds the level, it will fall even more. In this context, the analyst makes the following statement:
Historically, BTC has been trending down 14% to 28% below the 200-MA. In fact, BTC has already dropped 21% below the 200-week MA in mid-June. This was very much in line with historical figures.
Bitcoin chart / Source: Rekt CapitalAfter Bitcoin’s recent correction, it has forced the market to struggle to protect $1 trillion in capital. As a result, the focus is now on when the bear market will bottom out.
Ethereum predictions from the crypto community
The cryptocurrency market is trying to stay above the $1 trillion market cap. Meanwhile, it is experiencing high levels of volatility. At the same time, the leading altcoin Ethereum (ETH) is waiting for the long-awaited Merge upgrade.
Amid his expectations, investors are increasingly speculating about moves in the near future, Merge said. Notably, the crypto community at CoinMarketCap predicts that by September 30, 2022, ETH will be trading above $2,000. The community predicts that Ethereum will reach $2,102 by the end of September, a 29.16% increase from its current price.
Ethereum crypto community price prediction / Source: CoinMarketCapThe estimate represents the average of 2,154 votes cast by community members as of the date of publication.
Ethereum price analysis and analyst opinions
Ethereum is trading at $1,650, up 5.77% on the day and down 12.05% in the previous seven days, according to data from CoinMarketCap. Meanwhile, according to the data, the total market cap of ETH is currently $202 billion.
Ethereum 7-day price chart / Source: CoinMarketCapNotably, crypto trading analyst Rekt Capital suggests in his technical analysis that ETH could soon form a lower high, as in 2021. In this context, the analyst says:
ETH has recently failed to retest the orange area as support. Therefore, this is no longer the case. It is therefore possible for ETH to turn orange to confirm as resistance.
Ethereum potential bottom high / Source: Rekt CapitalIn August, Antoni Trenchev, co-founder of crypto lending platform Nexo, acknowledged the possibility of Ethereum’s price going up. Still, it will depend on the initial success of the upgrade based on a ‘positive feedback loop’. This suggests that Merge’s initial success is key to keeping Ethereum much higher.
Elsewhere, Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, revealed that he currently sees Ethereum as the highest potential crypto trade due to the upcoming Merge upgrade. In a report in early August, he said that Merge will act as a catalyst to make Ethereum a “global enterprise-grade asset.”
Meltem Demirors, chief strategy officer at crypto asset management firm CoinShares, suggests that the macro environment may prevent new capital from entering Ethereum. He also described the rumor as ‘buy, sell news status’ in his view. According to Demirors, investors are avoiding risks due to the uncertainty surrounding the post-Merge.
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