The price of Bitcoin has now entered a phase of consolation and is holding inside a narrow range beneath the $28,800 resistance level. The largest cryptocurrency by market capitalization continued to fall as it had trouble rising above the $28,400 level. Early on Friday, Bitcoin dipped below $28,000 and is now trading at $27,970.
Given that the Bitcoin rise may be slowing down, a cryptocurrency analyst has updated his predictions for Bitcoin, Ethereum, and Dogecoin. Trader Altcoin Sherpa said that Bitcoin’s price may fall by around 6%.
He said that Bitcoin has been fluctuating in a range between $28,800 and $26,500 and there might be a possible retracement to the lower level price range. The price may continue to fluctuate between $27,000 and $28,000 before making a substantial shift, according to him.
“BTC: I think Bitcoin goes a bit lower to the EQ [equilibrium] at a minimum. $26,500 is also a key level; it’s the range low and 200-EMA [exponential moving average] on the 4-hour. Still watching.”
The analyst also warned that Ethereum must hold the crucial $1,800 level or it could drop as low as $1,750 and also added that ETH will likely rise into the $2,000 range if it holds the $1,800 level. He also said that the market may not witness an altcoin season anytime soon.
The trader also forecasts a potential comeback for Dogecoin using Fibonacci retracement. The meme token’s value is dropping now that Twitter changed its icon to the DOGE logo, which caused it to increase by more than 30%.
“DOGE: One of these areas should bounce but I don’t know where. 200-day EMA is at the .786 fib level [$0.0824]. Full retrace would be pretty normal for what DOGE likes to do.”
Source: https://coinpedia.org/altcoin/heres-what-next-for-bitcoin-btc-and-ethereum-eth-prices/