Crypto News Analyst: “Ethereum in a Worse Situation Than Bitcoin! Urgent Need for ETH to Break This Level to Rise!”
Analysts have shared their predictions for Bitcoin and Ethereum.
Bitcoin and altcoins are experiencing a downward trend despite positive economic news, with analysts forecasting a deeper correction in Bitcoin (BTC) prices in the upcoming weeks due to miners selling and profit-taking.
In a statement to Coindesk, FxPro senior market analyst Alex Kuptsikevich noted a new wave of dollar strengthening and increasing stock demand, stating, “The decreasing appetite for risky assets is causing Bitcoin to decline.”
“Bitcoin is continuously testing the 50-day moving average, but lacks sufficient momentum to move upwards. This persistent testing of lows sets the stage for bears to target $60,000 quickly.”
Analysts from Japanese crypto exchange BitBank also weighed in on BTC movements, attributing the decline to miners. They explained, “Bitcoin’s upward potential is constrained by miners’ need for cash and selling pressure. Since May, the net position of Bitcoin miners (BTC inflow – BTC outflow) has been steadily decreasing, indicating tightening operations since the 2018 halving.”
BitBank analysts further highlighted that increased BTC sales from miners are putting pressure on prices, but BTC prices are showing stability.
“The situation in Ethereum (ETH) is more dire than Bitcoin!”
Rachel Lin, CEO and co-founder of SynFutures, emphasized the technical indicators showing a downward trend in both Bitcoin and Ethereum, but stated that ETH is in a worse position than BTC.
“Both Bitcoin and Ethereum are on a downward trend, but ETH looks worse. If ETH fails to reclaim the $3,700 level soon, we may witness further declines in the coming days and weeks.”
“$67,000 remains a crucial level for BTC, but my long-term bullish outlook persists.”
*This is not financial advice.
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