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- Bitcoin (BTC) and Ethereum (ETH) have experienced significant losses in value over the past week.
- Despite the recent downturn, Bitcoin’s price could potentially rise to $65,521, according to the 1.618 golden ratio.
- However, the declining Chaikin Money Flow (CMF) suggests that Ethereum may see another decrease before bouncing back.
Amidst a turbulent week for Bitcoin and Ethereum, experts predict potential rebounds for both cryptocurrencies, with Bitcoin potentially reaching $65,521. However, Ethereum may see further decreases before recovery.
Bitcoin and Ethereum’s Recent Performance
Bitcoin and Ethereum have struggled to maintain their value in recent times. As of now, Bitcoin is trading at $60,967, while Ethereum has fallen below the $3,000 mark, trading at $2,914, according to CoinMarketCap. As we approach the middle of the month, traders are anxiously watching to see if the cryptocurrencies can recover and provide a positive return for May.
Potential Rebound for Bitcoin
Despite the recent downturn, there may be hope for Bitcoin. According to the BTC/USD 4-hour chart, the Fibonacci indicator suggests a potential bounce for the cryptocurrency. The 0.236 Fib level is at $60,935, which could indicate that Bitcoin has reached its lowest pullback point. On the upside, the 1.618 golden ratio is at $65,521, suggesting that Bitcoin’s short-term target could be around this region. However, a highly bullish scenario could see Bitcoin rise to $74,213, as indicated by the 4.236 Fib level. This, however, is unlikely to happen before the end of May, given that bearish trends are still present in the market.
Ethereum’s Outlook
For Ethereum, the outlook is less optimistic. The declining Chaikin Money Flow (CMF) suggests that Ethereum may see another decrease before bouncing back. This is further supported by the negative Elder Force Index (EFI) reading, which indicates a lack of buying pressure. If this trend continues, Ethereum’s bullish outlook could be invalidated, potentially leading to a price drop to $58,000. However, an increase in accumulation could help Ethereum begin its journey back above $3,000.
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Conclusion
While Bitcoin and Ethereum have faced a challenging week, there are signs of potential rebounds for both cryptocurrencies. Bitcoin could potentially reach $65,521, while Ethereum may see further decreases before recovery. Traders should keep a close eye on market trends and indicators as the month progresses.
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