SEC will collect the final S-1 Forms from spot ETH ETF issuers by the end of today, and listings will happen soon. Meanwhile, BTC continues to move between $54,000 and $58,000. Although this situation tires altcoins, gradual recoveries are observed. So, what are the expectations for this week?
Bitcoin (BTC) Predictions
The markets’ inability to recover quickly after the recent drop has fueled concerns about deeper dips. However, if the widely accepted scenario occurs, a dip at $50,000 is possible. In this area, psychology is quite important, and even though there are no sudden massive government and MTGOX sales, investors are pricing this with a multiplier effect. The fear and greed index entered the extreme fear zone with a 60% drop.
Cryptocurrency markets closely watched popular analyst Mark Cullen wrote the following in his latest assessment:
“With Bitcoin closing the week below its lowest level in May, Friday’s strength seems more like a dead cat bounce, leading us to believe it will continue lower in the coming weeks.”
Santiment analysts were also not very pleased with the situation.
“After a brief bounce that gave investors hope, crypto showed pullbacks that brought fear back as the weekend approached. Bitcoin fell 2.3% in the last 24 hours and 8.6% in the past week. BTC lost 18.4% in value over the past month. Most altcoins showed much larger declines.”
Will Cryptocurrencies Rise?
The German government continues to sell seized assets in pieces. These transfers, sometimes to market makers and sometimes to exchanges, trigger on-chain alarms. BTC, which saw $58,000, turned downward again with the transfer in the last few hours.
The third cryptocurrency analyst Tony expects a big move soon.
“Bitcoin closed below the lower Bollinger Band on a weekly basis. This is a sell signal. Further downward movement is possible.”
Matthew Hyland, despite being inclined towards a rise, finds the ongoing weak closures concerning.
“BTC confirmed that it broke the consolidation range that has been ongoing for months on a weekly basis. BTC is still in an uptrend; to end the uptrend, it needs to fall below $38,000, so the uptrend is still completely intact, but this weekly break opens the doors for lower price targets.”
