Bitcoin (BTC) & Ethereum (ETH) prices, have surged more than 4% each and secured their levels above $40K and $3K respectively. Currently, the price is expected to test the upper targets at around $42.5K and $3200, only if the assets close the day’s trade at certain levels. However, despite the bullish scenario prevailing, the assets are expected to drop hard to their knees very soon.
Bitcoin (BTC) Price to Test $44,000 Soon
Bitcoin price nowadays is swinging within the same price zone between $44,000 and $38,000. A spike above this range or a drop always remained short-lived and resembled a fakeout. The BTC price since the recent jump has maintained above $40,000 and a daily close above these levels may ignite an upswing towards $43,500 to $44,000 levels. However, the crucial area to hold is around $39,500, else the price may dive deep into a bearish well.
A popular analyst, predicts the BTC price to hit $30,000 levels very soon and the reason cited was Bitcoin perpetual contracts. As per the analyst, many traders placed their bids between $29,000 and $34,000 hoping that the price may go down. But with the recent jump, Deribit, the world’s largest Bitcoin & Ethereum option exchange pulled out all the bids. And hence the BTC price may now be primed to hit $30,000 at the earliest.
Ethereum (ETH) Price May Also Follow
Ethereum‘s price after the fresh rejection at $3400 maintained a strong descending trend since the beginning of April’s trade. No doubt the price in the STF moved on with a ‘V-shaped’ recovery and regained the levels above $3000. Currently, the ETH price remains within a bullish market structure and hence could visit $4000 as predicted by an analyst.
Collectively, Bitcoin price appears to be trembling a little and hence if it successfully sustains above these levels, then it may join Ethereum to rise high. However, the entire crypto market structure is still pretty bearish and hence, the top crypto may also undergo a correction too. In such a case, BTC price at $30,000 and ETH price at $2000 may be inevitable.
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Source: https://coinpedia.org/altcoin/bitcoin-in-jeopardy-prices-feared-to-slash-below-30000-while-ethereum-could-hit-4000-very-soon/