The last weekend of the year is upon us, and investors are preparing for a fast-paced start to January. What are the price predictions for BTC and ETH during these two days? Will the rise in the cryptocurrency markets continue? We analyze the current situation and price targets.
Bitcoin (BTC) Comments
Bitcoin market dominance has decreased from 55% to 51%, indicating a shift of interest from the king cryptocurrency to altcoins. Particularly this week, we have seen massive increases. The king cryptocurrency has fallen below the 20-day moving average of $42,597 in the last 24 hours, causing some investor anxiety.
The possibility of a descending triangle breaking down is worrisome. But could this happen despite ETF approvals? While everyone was confident of a rise, $1 billion in open positions was wiped out. This indicates that investors are preparing for a “sell the news” event, even if the ETF approval is confirmed. With the ETF approval, the expected drop could happen, or BTC could continue making higher lows up to a new ATH. We will see this unfold in time.
In a bullish scenario for BTC, the January expectation is to test $49,178 with closings above $44,700. However, if the triangle breaks downwards, the decline could continue towards $40,295 and $37,980.
The last two days are ahead for the December 29 ETF filing updates, and AP agreements could come as of Monday. This will confirm that we are nearing the end of the ETF approval process.
Ethereum (ETH) Comments
On December 27th, Ethereum closed above the descending triangle formation but failed to move to the next stage of the uptrend yesterday. Unfortunately, with the BTC decline, it fell back below $2,300. The ETHBTC chart was promising, and 2023 certainly did not go as expected for Ether.
ETH is facing strong selling pressure between $2,403 and $2,445, which is proving to be an insurmountable barrier for the bulls. If resistance is broken, a target of $3,000 could be in sight. In the opposite scenario, closings below $2,269 could lead to a drop to $2,000 and even $1,900.
