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July 23, 2024
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The Crypto Market Can Moon Soon! Investors To Witness A Potential Bull Run By December

The post The Crypto Market Can Moon Soon! Investors To Witness A Potential Bull Run By December appeared first on Coinpedia Fintech News

While the eyes of the broader crypto market were on midterm elections as the community was expecting a crash for Democratic control of Congress, now it seems that the crash is happening somewhere else: in the crypto world itself.

The spectacular collapse of the famous crypto exchange giant FTX worth $30 billion, has bottomed the entire market with a massive selloff.

However, the crash may be short-lived as the market is witnessing positive sentiments, including the better-than-expected CPI data released by the U.S. Bureau of Labor Statistics.

Final Bottom For The Crypto Market!

The high inflation rate with the mix of FTX’s collapse has brought a nightmare for the crypto market as several cryptocurrencies have reached the bottom levels in the price chart.

However, the slowdown of inflation in the US and positive CPI data have once again shifted the crypto space to a positive territory and is slowly gearing up for a bull run.

Moreover, several crypto analysts predict that the market has reached the final bottom zone before making a bullish reversal. 

A prominent crypto investor and analyst, MartiniGuyYT, predicted a fresh bullish momentum in the upcoming months as he believes multiple cryptocurrencies are building a solid momentum to make a breakout above the fundamental resistances. 

Bitcoin Price Analysis

Bitcoin is again making significant gains in the price chart as it trades near the $17K level after forming an initial support level at $15.5K. MartiniGuy predicts that Bitcoin’s price may soon break its strong resistance at $21K and attain a high of $25K.

However, this target price is not happening soon as the market needs more time to overcome the current situation as investors continuously build massive selling pressure by liquidating positions.

Moreover, another crypto analyst, CryptoVinco, rejected MartiniGuy’s bullish prediction as he predicted a major crash for BTC, which could plunge it to $3,450.

If BTC breaks above its weekly resistance level of $17.5K, it can reach $18.6K by the next week. Conversely, a price drop is expected if the BTC price falls below $15K, which can take it to $13K. 

Ethereum Price Analysis

Ethereum has overcome its dangerous price zone of $1,150 and is making slow upward progress as it is trading at $1,260. Moreover, the on-chain analyst firm, Glassnode, showed that top ETH holders’ accumulation of Ethereum has touched a one-month high, reaching 6,425.

An increased Ethereum accumulation indicates interest from whale investors and can create buying pressure for ETH to go to the North.

MartiniGuy predicted that Ethereum might touch a high of $2,000 in the coming months. However, this target price is only possible if Ethereum breaks its EMA-200 line at $1,600. 

Conversely, Ethereum may turn more bearish if it fails to hold above its support level near $1K. CryptoVinco is bearish on Ethereum as the ETH price may crash severely to $75.  

Binance Coin (BNB) Price Analysis 

BNB has recently faced a rejection at $300 and dropped to a low of $270. BNB has significantly been impacted by the current market crash, fading investors’ bullish hope for the coin. MartiniGuy predicted a bullish trend for BNB as it can touch investors’ short-term goal of $500.

However, in response to this prediction, CryptoVinco, indicated that BNB might touch $1, which is only possible if the coin issuer Binance goes bankrupt like FTX. 

Binance coin may make a bullish rally if it breaks above its Bollinger band’s upper limit of $310, taking it to the next resistance level of $350. Conversely, it may drop to $150 if it retraces downward and drops below $220. 

LINK price is witnessing intense selling pressure amid the crash as it is making long bearish candles in the price chart and currently is trading at $6.4.

According to MartiniGuy, ChainLink may soon ignite a massive surge and reach a maximum price level of $15. On the other hand, CryptoVinco argued that the LINK price would drop dramatically as it can trade at a bottom level of $0.5. 

The target of $15 is only possible if LINK breaks above its EMA-200 line of $9, acting as a strong resistance for ChainLink in the price chart. Conversely, a price drop is anticipated by this week as the weekly RSI is falling, which can take LINK below $5. 

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