The summer season is ending, and analysts say we are approaching days when cryptocurrencies should start moving. In September 2021, we began to recover from the decline caused by China and Elon Musk. We might face a similar scenario again. The good news is that many disruptive FUDs like Mt Gox are out of the way, clearing the path for crypto. So, what happens next?
Bitcoin (BTC) Prediction
The king cryptocurrency was at $59,000 at the time of writing. Despite the price moving within a narrow range for a few weeks, Glassnode data shows that 74% of all BTC has not moved for six months. Nansen experts suggest that if growth continues, the Fed might start cutting interest rates, which would boost the markets.
Rekt Capital made a notable assessment, stating we are clearly one month away from an upward breakout. However, for now, even $60,000 cannot be surpassed. On the bright side, we do not see a drop to the critical $55,724 region.
The price, oscillating between the SMA50 and the $55,724 support, has not been able to surpass $61,425 for a long time. The retreating EMA20 is at $59,908, and the RSI is below the neutral zone. If the bulls take control, surpassing the SMA50 level of $61,425 should lead to movements towards $65,660 and $70,000.
In the opposite scenario, support is lost. The price could fall back to $49,000, leading to rapid sales. This situation could cause new ATL and 2024 lows for altcoins, which have not yet returned to their previous levels.
ETH Price Prediction
Despite strong exits from the Glassnode ETF, the ETF channel is not that bad. The risk appetite has been undermined by prolonged weak movements, causing ETH to test the $2,500 support. Nevertheless, maintaining this level and the subsequent recovery is positive. The EMA20 is at $2,729, and the price was at $2,616 at the time of writing.
If the EMA20 is surpassed, the upward breakout level of $2,850 could be revisited. This would trigger a movement similar to BTC’s path towards $70,000. However, if the $2,500 support is lost, a drop to $2,309 would not be surprising.
