Despite a typical drop in trading activity over the weekend, Bitcoin (BTC) continues to maintain significant price levels compared to previous weeks. Following a period of 80 days characterized by minimal movement, the cryptocurrency sector is now showing robust bullish trends, with large upward price movements recently observed. Analysts are providing insights on the anticipated price trajectories for ARB, BTC, and ETH.
What are the forecasts for Arbitrum (ARB)?
Crypto analyst Crypto Tony emphasized that for ARB Coin, bulls must reclaim the $0.65 threshold. If achieved, this could trigger a breakout above a critical resistance level that has been tested multiple times, potentially pushing prices beyond $1. Should Bitcoin manage to close above $70,000, this would be an ideal moment for traders to engage with ARB’s upside potential.
How are Bitcoin and Ethereum performing?
Currently, BTC is trading above $68,000, having made an attempt to reach $68,772 but failing to surpass that mark. Analysts predict a period of relative calm in the market, especially with no substantial macroeconomic updates expected soon and only two weeks until the U.S. elections. However, analyst Jibon projects that BTC might reach $70,049 next week, bolstered by a recent support rebound.
Titan of Crypto foresees a significant rally for Ethereum, positing that the price could first target $3,200 based on a reverse symmetrical triangle pattern. Feyronn also anticipates an increase for ETH, setting a goal of $2,996, contingent on maintaining support at $2,624.
- ARB needs to reclaim $0.65 for bullish momentum.
- BTC could rise to $70,049 next week with current support.
- ETH is projected to reach $3,200 based on technical patterns.
- Maintaining support at $2,624 is crucial for ETH’s upward movement.
As the cryptocurrency market often experiences unexpected shifts, traders are reminded to perform diligent research and be mindful of the risks inherent in their trading strategies. The potential for significant price movements remains, particularly if BTC and ETH maintain their current bullish outlooks.
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/market-analysts-project-trends-for-major-cryptocurrencies