Bitcoin $57,974 price At the time of writing, it rose to $59,971 and altcoins are continuing the day in the green. Cryptocurrency investorsThe long-standing negative environment for the BTC price is dissipating with the BTC price testing $60,000 again. However, it is too early to rejoice. So what are the comments of the experts?
Cryptocurrencies Enter Bullish Trend
The BTC price, which avoided testing $50,000, is now preparing to reclaim $60,000. The good news is that the Fed will make its first interest rate cut on Wednesday. Some major financial institutions such as JPMorgan expect a 50bp cut at this meeting. With the signals given by the Fed, the market’s expectation is anchored at the 25bp level with a 55% expectation. If the Fed surprisingly makes a 50bp cut, this could increase appetite.
Cryptocurrency analyst Yoddha shared the chart below, saying that we will see great opportunities soon. The chart, which focuses on the total market value of cryptocurrencies, seems to be approaching the time of re-breakout when compared to previous periods. According to the analyst, the journey to the $ 3, 5 and 10 trillion target may start earlier than expected.
The analyst known by the nickname Crypto Rover also imagines that we will see $ 100,000 for Bitcoin soon. The chart he shared below draws attention to the potential for a breakout at $ 68,000. If BTC finds support in the resistance test this time, it could begin its rapid rise, dragging the rest of the cryptocurrencies behind it.
Ethereum (ETH) Prediction
If we are going to talk about the bull period for altcoins, this is first of all ETH It may be possible with the recovery of its price. The largest altcoin by market value Ether altcoins are also recovering due to the weakening Bitcoin market dominance when it started a steady rise in previous periods. Crypto Tony thinks that the ETH price is now ready to rise after the last test of $ 2,130.
“So far so good… This will be my logical play for the next few months.”
If he is right, the ETH price could exceed $4,800 with the clearing of the resistance between $2,800 and $3,000. Thus, we can see the rally accelerate with the increase in demand and appetite in the ETF channel. We also mentioned yesterday that analysts shared their targets of 0.11BTC in the ETHBTC parity.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
