- The cryptocurrency market continues to struggle with sustained selling pressures.
- Despite a decline in Germany’s sales post-lower-than-expected U.S. CPI, Bitcoin failed to hold the $59,000 mark.
- A renowned analyst, who correctly predicted Bitcoin’s bottom in 2018, now foresees further declines in both Bitcoin and Ethereum.
Discover the latest forecast for Bitcoin and Ethereum, and learn why market experts are predicting further lows for these leading cryptocurrencies.
Bitcoin Struggles to Maintain Key Levels Amidst Market Volatility
Bitcoin’s recent attempts to surge following favorable U.S. CPI data have been short-lived. Despite reaching $59,000, the leading cryptocurrency has been unable to sustain this momentum. Currently, it battles to keep above the $57,000 mark, with market sentiment remaining cautious.
Expert Analysis: Bitcoin’s Potential Decline Below $53,000
Bluntz, an analyst known for his accurate predictions, warns of a potential downturn for Bitcoin. He suggests that Bitcoin, having retraced from the $60,000 level, displays concerning behavior. His analysis, leveraging the Elliott Wave theory, indicates that Bitcoin may drop below its recent five-month low of approximately $53,485. This three-wave corrective pattern in Bitcoin’s four-hour chart poses significant bearish implications.
Ethereum Faces Similar Headwinds
Ethereum is not immune to the current bearish trend in the cryptocurrency market. Analyst Bluntz also predicts that Ethereum might fall below the critical support level of $2,800. He argues that despite the potential for positive market reactions to upcoming ETF approvals, the initial response could involve significant sell-offs, shaking out weaker hands before a substantial recovery ensues. At present, Ethereum is trading at $3,065, reflecting a daily drop of 2.5%, though it shows a 4.3% increase over the past week.
Conclusion
The forecasts from seasoned analysts like Bluntz underscore the ongoing volatility and uncertainty within the cryptocurrency market. With both Bitcoin and Ethereum poised for potential declines, investors should tread cautiously, keeping an eye on key support levels. Future outcomes may depend significantly on market reactions to broader economic indicators and sector-specific developments.
