Analyst marks next level for Bitcoin, Ethereum and Cardano price
Although the start of the new year took a bullish tone for the crypto market, the landscape has gradually changed now as several macro conditions have led to a bearish sentiment among large-cap investors.
Also, the past 24 hours have brought solid pain for traders as several cryptocurrencies including Cardano, Bitcoin and Ethereum have nearly hit three-week lows. Therefore, the market is waiting for a sign of a bullish retracement in the coming week, which could in turn raise tension in society.
Will there be another uptrend next week?
After hovering in a range-bound zone for a long time, BTC price dropped after Powell’s speech and intensified its bearish trend after the SEC targeted crypto efforts. As the Bitcoin price quickly fell below the retracement levels, it forced the altcoin market to ignite a steep decline of over 10%.
Bitcoin price analysis
In the last two days, the global crypto market capitalization lost over $70 billion, plunging it to the level of $1.01 trillion. However, as BTC witnessed a sharp fall, several analysts believe that it was a much-needed correction to strengthen the golden cross formation.
At the time of writing, the Bitcoin price is trading at $21.7,000, with a minor downward trend in the last 24 hours. Bitcoin price is currently building potential to break the crucial $25K resistance level. As the golden cross (MA50*MA200) reinforces the move, it could lead to a rally for BTC within the next week. If BTC price moves to its 31.8% Fib retracement and breaks its crucial resistance at $23K; it may begin its 7th bull cycle soon.
Ethereum Price Analysis
Ethereum investors are currently filled with the hype of the upcoming Shanghai upgrade as the development team announced that the Shapella fork on the Zhejiang testnet is almost on the verge of its pre-launch. Despite solid updates, ETH investors are feeling less confident and liquidating huge funds in the last 24 hours as last year’s Merge event eliminated any bullish hopes.
ETH’s price is currently trading at $1,521, downtrending 1.5% from yesterday’s price. Looking at the daily price chart, Ethereum is preparing to retest its $1,250-$1,350 zone next week. However, if buyers persevere with patience, the ETH price may bounce back from that level and follow Bitcoin’s uptrend. A break above $1600 will put the ETH price on track and set a target of $2K by the end of the month.
Cardano Price Analysis
This weekend has triggered a correction in the altcoin market, with major altcoins forming an extremely bearish pattern. However, Cardano builder Input Output Global (IOG) has kept its promises as it is set to launch the SECP upgrade on Valentine’s Day. Additionally, Project Catalyst received its 400th project completion report, marking an important moment for the ADA community.
ADA price is hovering at $0.36 and it is retesting the support at EMA-100. A breakout below this level will take the ADA token $0.3 before starting a steady upward rally next week.
