Here’s what’s next for Bitcoin and Ethereum (ETH) after the failed BTC breakout, according to top crypto analyst
A crypto strategist outlines what’s in store for Bitcoin (BTC) and Ethereum (ETH) after BTC bulls failed to sustain the rally.
In a new strategy session, crypto analyst Cred says that Bitcoin is now likely to return to its 2022 lows after Bitcoin broke below the $22,562 breakout level.
“As you know, failed breakout patterns are generally bearish… Assuming the market closes below the range high again, your targets tend to be the range average or midpoint of the range ($21,000) as the first problem area, then the range low after it ($17,600).
Although Cred is currently bearish on BTC, he says Bitcoin’s short-term trend could change if bulls manage to recapture the $22,562 breakout point. According to the analyst, the rise to $22,562 is a solid bullish signal that is likely to result in a continuation to the upside.
At the time of writing, Bitcoin is changing hands at $21,244, down less than 1% on the day and slightly above Cred’s range midpoint.
Looking at Ethereum, Cred says that ETH is likely to give up its recent gains and return to the $1,000-$1,250 range now that it is trading below the crucial $1,500 level.
“Especially with Bitcoin forming a failed area [breakout]I think if [ETH] close as a swing fails into an engulfing daily close lower, consider the price of filling in much of the progress made in the past few days and trading back near the Bitcoin-style consolidation.”
At the time of writing, ETH is changing hands for $1442.
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