Bitcoin & Ethereum prices have been trading slightly higher levels than the previous couple of days, manifesting minor recovery phase
While the crypto markets are heading towards the end of yearly trade, majority of the tokens are expected to become more volatile in the coming couple of week
Bitcoin price surges above $17,500, while Ethereum price is strongly approaching the crucial resistance at $1300. The global market capitalization continues to haunt above $855 billion with a jump of more than 1.38% and the trading volume spikes by nearly 28%. The top 2 cryptos, presently appear to have gained significant strength that may uplift the tokens beyond their respective resistance levels.
A popular crypto strategist Smart Contracter believes that the ETH/BTC pair could skyrocket towards such levels which have been not witnessed in the past 5 years. The pairs which are appearing extremely bullish at the moment are likely to generate more gains than Bitcoin.
“If ETH/BTC gets to 0.062 [BTC] in Q1 2023, it’ll be a screaming buy. This is one of the trades I’m looking forward to the most next year. Will definitely take a few months though.”
Besides, the fresh CPI rates have been announced which are lowered from 7.7% to 7.1% which has amplified the BTC price rally! The BTC price is trading very closely to $18,000 but is expected to soon fall into a fine bearish trap. According to a popular analyst, il Capo of Crypto, the trend is still bearish and hence the bears may capitulate the markets soon.
The analyst has been warning his 684.6K followers on the false upswing which constantly traps the bulls. He believes that these fake upswings are been ‘hammered’ once they reach immediate resistance and drop by more than 15% to 20%. As the trend is bearish the targets for Bitcoin & Ethereum price remains around $12,000 & $600 respectively.
Source: https://coinpedia.org/news/cpi-rates-at-the-lowest-levels-in-the-past-6-months-uplifts-the-bitcoin-price-close-to-18000/