The post Crypto Market Analysis: Here’s What’s Next for Bitcoin, Ethereum & Altcoins appeared first on Coinpedia Fintech News
The global crypto market cap witnessed a notable rise in the past few days, as the levels are now raised beyond $1.09 trillion. Despite a drop in trading volume in the past 24 hours, Bitcoin’s price is able to sustain above $28,000. Besides, the Ethereum price trades above $1500, while the other tokens in the top 10 are trying hard to materialize decent gains.
In times when market sentiments are closer to making a notable shift from being pessimistic to optimistic, the possibility of a bearish turn-down could hinder the progress of the rally for a while. A popular analyst, anonymously known as Colin Talks Crypto, believes that the BTC price could drop below $24,000 while the ETH/BTC pair could make new lows in the next several months.
Referring to the above chart, Colin Talks Crypto believes the BTC price could complete its head and shoulder pattern. With this, the price could drop to levels between $18,000 and $23,000, which is likely to happen by the end of 2023 or the very beginning of 2024. Moreover, the analyst also believes the Bitcoin spot ETF could get approved sometime after the crash, causing a huge ‘God Candle’ recording a minimum $10,000 jump.
While the BTC price is undergoing some compression, the analyst believes the ETH/BTC could get decimated and drop to new lows somewhere between 0.035 and 0.045. As no Ethereum ETF is getting approved, all the liquidity will FOMO into Bitcoin first, pushing the ETHBTC pair down. However, approval may be expected after the ETH/BTC ratio hits new lows. In the meantime, the other altcoins are also expected to make new lows against Bitcoin. Therefore, the Bitcoin price prediction for 2023 and for the beginning of 2024 appears to be bearish at present.