For the past one week, we witnessed Bitcoin (BTC) stabilizing and bringing some greens to the market. It is currently trading above the 35k levels aiming to cross the next resistance around the 36k region.
However, some analysts still believe there is still going to be another phase of bull run before 2021 runs out that will push BTC to cross a new ATH to a likely price of $75,000. These analysts believe we’re currently experiencing a price correction from the prolonged uptrend during the bull run.
The latest FUD on BTC was the China crackdown. Apart from that, Grayscale’s BTC unlock which is to take place this month has brought about different speculations. JP Morgan believes it will dump the market while some analysts say it will bring greens to the market.
Bitcoin is currently above 35k. If the price can break the resistance at 36,500, the bulls could pull off a stunt of pushing the price further upward to 38k then to 41,000 levels hopefully.
But with the range trend we’ve been witnessing, that might be unlikely. Failure to break the resistance might see a drop in price by the bears. The 31,000 levels might occur in the worst case scenario.
Ethereum (ETH) bounced back above 2,000 thanks to BTC’s relative stability last week. If the above analysis/prediction for BTC plays out for the bulls, ETH will witness substantial rise in price and other altcoins will rise in value and recover as Bitcoin Dominance (BTCD) still controls the price of other ccryptos.
Scalping between the top and bottom and top of the range remains one of the best strategies to make money trading this market. Paying attention to BTC is also wise.
Disclaimer: This is in no way a financial advice, it is purely the author’s thoughts/opinions.