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There is not much time left until the weekly close, and the Bitcoin price is finding buyers at the $30,000 threshold as this article is being prepared. For altcoins to experience further increases in the coming week, it is important for the price to be above $30,000 at the monthly close. So, what are the critical price levels? What should investors pay attention to?
Bitcoin (BTC) Analysis
Over the next 5 days, we will see many developments that will significantly affect the cryptocurrency markets. We know that the Fed closely monitors personal consumption expenditure data, and a surprise increase in this data can reverse things. However, for now, BTC bulls don’t seem to care much about tomorrow.
BlackRock CEO made statements that are no different from BTC maximalists. Considering the impact of Elon Musk’s BTC shares on the price, we can say that Fink’s sentences did not yield the desired result. The CEO of the world’s largest asset manager implies that there will be a rush to crypto, and BTC is still hovering around $30,000. The reason for this is, of course, the unprecedented uncertainty in the macro arena.
Speaking of the price, closing between $30,650 and $30,850 could mean the start of double-digit increases for BTC. Weekly closings above the $28,400 threshold are extremely positive.
If the price reclaims the $30,650 region, it can make a new high between $31,800 and $36,299. The next targets will be $42,612 and $48,967. For investors experiencing the period between 2020 and 2021, this is not a very difficult possibility.
Ethereum (ETH) Analysis
We may be at the end of the toughest bear market. Volumes have dropped massively, and network activities have weakened. This is a worse development for ETH with the transition to PoS because the amount of burned coins is also decreasing. The circulating supply of ETH has started to increase again.
The king of altcoins is very calm and struggling to surpass the $1,700 threshold. If the increase in BTC price continues, it will also need to make a new high between $1,833 and $2,165. If it can achieve this, the levels of $2,363 and $2,500 can be targeted. In the opposite scenario, we may see lows at $1,436 and below. However, most analysts are not predicting such significant losses these days.
