On Saturday, the cryptocurrency market confirmed a lower in its earlier stage 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 up to now 24 hours. Analysts imagine that the crypto market is presently in a interval of calm earlier than the following bout of volatility.
Analyst Rekt Capital predicts that the following few weeks might be an important second for all the cryptocurrency market. If the earlier rally continues, it will sign the top of the bear market and the beginning of a multi-week consolidation stage.
Nonetheless, if there’s a important drop beneath $18k, a bearish pattern might be indicated by a dying cross between the 50 and 200 WMAs.
An identical narrative has been shared by on-chain analytic agency Santiment which cited a major spike in whale transactions on altcoins.
In response to Santiment, Ethereum merchants are much less satisfied that the bull case situation will persist within the coming weeks. As such, a major improve in Ethereum profit-taking has been recorded.
DonAlt’s Evaluation
In response to widespread pseudonymous crypto dealer DonAlt in a latest YouTube video, the crypto market has extra upsides within the coming months. Nonetheless, the analyst warned if Bitcoin closes February beneath $20.7k, the bullish thesis might be invalidated.
“You will have loads of upsides. I feel the upside on the month-to-month is mainly when 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 specialists, the way forward for the cryptocurrency market stays unsure. Some predict a continuation of the bull market, whereas others see the potential for a bearish pattern. With a lot at stake, it’s necessary to remain knowledgeable and make knowledgeable selections.