On Saturday, the cryptocurrency market confirmed a lower in its earlier degree of volatility, with a 1.5% drop within the costs of Bitcoin and Ethereum. Regardless of this, profit-taking within the crypto market stays excessive, with over $98 million liquidated prior to now 24 hours. Analysts imagine that the crypto market is at the moment in a interval of calm earlier than the subsequent bout of volatility.
Analyst Rekt Capital predicts that the subsequent few weeks shall be an important second for your complete cryptocurrency market. If the earlier rally continues, it could sign the tip of the bear market and the beginning of a multi-week consolidation stage.
Nevertheless, if there’s a vital drop under $18k, a bearish development could possibly be indicated by a loss of life cross between the 50 and 200 WMAs.
The same narrative has been shared by on-chain analytic agency Santiment which cited a major spike in whale transactions on altcoins.
Based on Santiment, Ethereum merchants are much less satisfied that the bull case situation will persist within the coming weeks. As such, a major enhance in Ethereum profit-taking has been recorded.
DonAlt’s Evaluation
Based on standard pseudonymous crypto dealer DonAlt in a latest YouTube video, the crypto market has extra upsides within the coming months. Nevertheless, the analyst warned if Bitcoin closes February under $20.7k, the bullish thesis shall be invalidated.
“You’ve got loads of upsides. I feel the upside on the month-to-month is principally should you don’t wish to be too grasping, is $34,000,” DonAlts noted.
The analyst shared the same thought on Ethereum, which hit $17k for the primary time in months. As such, the analyst thinks Ethereum will hit $2.5k if the bullish thesis is just not invalidated within the coming weeks.
With conflicting opinions from totally different consultants, the way forward for the cryptocurrency market stays unsure. Some predict a continuation of the bull market, whereas others see the opportunity of a bearish development. With a lot at stake, it’s necessary to remain knowledgeable and make knowledgeable choices.
