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Cryptocurrency world’s dominant cryptocurrencies Bitcoin and Ethereum are struggling to recover amid market turbulence. A cryptocurrency analyst, CrediBULL Crypto, highlighted a significant divergence in the performance of Bitcoin and Ethereum. The analyst predicts that Bitcoin will recover faster compared to Ethereum, which has shown relative weakness.
Bitcoin Recovers More Strongly
CrediBULL Crypto emphasized that on higher time frames (HTF), Bitcoin’s price has managed to stay above significant levels, whereas Ethereum has fallen below these levels. By sharing a chart of Bitcoin’s price movements, the analyst indicated that BTC has the potential to close above its local low, signaling a strong price recovery. On the other hand, Ethereum staying below these levels indicates weakness in its performance.
CrediBULL Crypto noted that Ethereum’s price drop is more pronounced because the cryptocurrency “wicked” its HTF demand level and fell below it. This situation indicates a break in Ethereum’s market structure and suggests it may face strong resistance in the $3,000 to $3,500 range. The analyst described this key range as the “Red Zone” and suggested that Ethereum might experience a prolonged consolidation period during upward movements.
Bitcoin May Begin Its Journey to $100,000
CrediBULL Crypto predicted that Bitcoin would quickly recover from market downturns and start the next wave of upward movement. The analyst estimated that Ethereum might be limited to movements within the $3,000 to $3,500 range and could undergo a consolidation period lasting weeks or months.
The analyst suggested that Bitcoin could reach new highs, potentially hitting the $100,000 level, which would increase BTC’s market dominance. This scenario would result in Bitcoin outperforming Ethereum.
Community Responds to Analyst
A member of the cryptocurrency community noted that the expected price increase for Ethereum was low, stating that a $3,000 increase fell short of their expectations. The member expressed that they anticipated Ethereum to reach a price level between $7,000 and $10,000.
Responding to this comment, CrediBULL Crypto explained that their predictions were based on the ETH/BTC ratio dropping to the 0.03 level. The analyst foresaw that once this ratio reached that level, Ethereum could start an upward trend and achieve higher price levels.
