Bitcoin (BTC) experienced a decline below $57,000 following the opening of the U.S. market. At the time of writing, BTC is priced at $56,690. While many altcoins have shown positive trends, Bitcoin struggles to regain support levels without consolidating at higher prices. Analysts are now turning their focus towards future predictions for NEAR, ETH, and BTC prices.
What Are Analysts Saying?
Despite the recent approval of an ETF, Ether (ETH) has not performed as anticipated and remains around the $2,300 mark. This has led to some disappointment among investors. However, the prevailing negative inflation narrative is beginning to change, with expectations that inflation will turn positive in the upcoming months. Access NEWSLINKER to get the latest technology news.
A prominent crypto analyst recently shared a grim outlook for ETH, describing the ETHBTC chart as “disastrous.” He noted that ETH has significantly weakened against BTC, predicting that ETH might drop below 0.04 if Bitcoin hits the $60-61K range.
How Strong Are NEAR and BTC?
Regular commentator Poppe has shared his expectations for NEAR Coin, projecting a target of $15 in the next 3-6 months if the $2.75 and $3.40 support levels hold. The sustainability of these support levels is essential for his predictions to come true. For this scenario to unfold, BTC needs to stay above $70,000, and there must be an increased cash inflow into altcoins.
However, BTC has fallen to $56,500, and the ongoing Fed pivot narrative suggests the potential for deeper lows. The market’s future remains uncertain, and it’s a situation to watch closely.
Key Takeaways from Analysts
From the article, we draw several key conclusions:
- BTC must consolidate at higher levels to regain support.
- ETH’s performance has been disappointing despite ETF approval.
- NEAR Coin’s support levels are crucial for future gains.
- BTC needs to stay above $70,000 for altcoin inflows to bolster.
- Current market sentiment is influenced by Fed narratives and inflation outlooks.
In his recent market review, Daan Crypto Trades discussed the increased open positions in BTC futures. He observed that the slower growth rate of open interest (OI) compared to the price increase is a positive sign, indicating a potential sustainable rise driven by spot demand. He emphasized that this trend should continue to maintain the upward momentum.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-dips-below-57000-after-market-opens