At the peak of cryptocurrencies, Bitcoin and its closest follower Ethereum continue to direct the market. Investors are also closely monitoring the parity between these two cryptocurrencies. One of the leading market analysts shared significant comments about Bitcoin and Ethereum, attracting attention.
Analyst’s Bitcoin Comments
One of the closely followed crypto analysts mentioned that Bitcoin (BTC) could face a much harsher decline. Well-known crypto analyst Justin Bennett, in his posts to thousands of users on the social media platform X, pointed out important details. He stated that if Bitcoin permanently loses the support level of $61,000, the leading cryptocurrency might continue its downward trend for a while.
Moreover, looking at Bitcoin’s monthly chart, surpassing the $65,000 level would solidify its bullish outlook, according to market value.
BTC currently looks quite bad. This slow bleed is not ideal for buying. We’ve seen this before, and it usually ends with long liquidations. Maybe this time it’s different. We’ll see. $61,000 is a level bulls need to hold, and $65,000 is a monthly resistance.
On the other hand, looking at the ETH/BTC parity, it is currently at 0.048 BTC ($3,019), which means a neutral outlook over the last 24 hours.
Lastly, Bennett spoke about another analysis and shared a chart on the subject. It is thought that if Ethereum does not permanently regain the $3,150 level in the weekly chart view, a price drop pattern similar to July 2023 could emerge.
This slow bleed from ETH doesn’t look great. Ethereum needs to reclaim $3,150 this week, otherwise, things could get more complicated. If you think a simple trend line isn’t important, look at July 2023.
How Much is 1 Ethereum in Turkish Lira?
Reviewing the situation on the Ethereum side, it would not be wrong to say that things are not going well. Over the last 24 hours, there has been a 3.9% drop, and the price has fallen to $2,900.
On the Ethereum side, the market cap has fallen below $350 billion after a 4% drop. The 24-hour trading volume has seen a 19% increase to $12.6 billion, possibly due to rapid sales related to the drop.
In the ETH/TRY parity analysis, the ETH price was found to be at 94,000 TL, reflecting a 4% drop.
