Bitcoin's hovering prices have caught the eye of experts, signaling possible market shifts. As the cryptocurrency remains stagnant near peaks, there is growing speculation about an impending reversal. Various observers provide insights into what this might entail for Bitcoin’s trajectory.
Will the Bull Run Continue?
Multiple factors such as a weekly MACD crossover, investors’ selling tendencies following historical peaks in November, declining liquidity, and slower ETF inflows are leading to varying forecasts of a bearish turn. Some even assert the bull phase has concluded.
According to Ali Martinez, Bitcoin’s position under its 200-day SMA suggests two scenarios. Investors might either miss a prime buying moment or overlook key indicators of a bear market onset.
DaanCrypto has tempered his earlier positive outlook.
“The October candlestick is a conundrum. After touching historical highs, we witnessed an unprecedented liquidation wave,” he commented. “Over the past months, prices have barely moved, and the support band for the bull market appears to be waning. Proponents of the bull trend need immediate action to sustain momentum.”
Regaining a position above $113,700 is deemed pivotal. Bitcoin is currently near $111,000.
What’s Next for LTC and ETH?
Privacy-centric altcoins are leading gains this week. With promising charts, tokens like ZEC signal bullish trends. Crypto Tony remains optimistic, particularly for Litecoin (LTC), recommending a stop-loss at $99.7.
In contrast, Ali Martinez projects a sobering outlook for Ethereum (ETH) and other altcoins. As ETH stalls below $3,950, he anticipates support at $2,870 and $2,530. A substantial ETH depreciation could severely impact altcoins.
Some critical takeaways include:
- •Maintaining Bitcoin’s price above $113,700 is essential for preserving bullish momentum.
- •Litecoin’s appeal grows amid the altcoin market’s recent focus.
- •Watch key support levels for Ethereum that could shape altcoin futures.
With Bitcoin’s future uncertain and altcoins on volatile paths, analysts are urging caution as they monitor these pivotal developments closely.