What’s Next for Bitcoin and Ethereum Price?
Scott Melker, a cryptocurrency trader, said Bitcoin likely falls into a range. There are significant selling pressure and lots of buyer demand, placing it in a tight range. He said:
“Likely we fall into a range here. Lots of selling at the top (up wicks), lots of buying at the bottom (down wicks). Nice to see a clear shift from supply to demand here.”
Cheds, a Twitter trader anticipates “more consolidation from BTC above that key 42k level”
Various fundamental metrics and on-chain indicators however suggest that Bitcoin is on a bullish trajectory despite the stagnant market structure, as the crypto asset is up nearly 100% year-to-date. While many are calling for a local top, a recent Kraken report indicates that history would suggest Bitcoin remains “far and away” from a market top. The report stated:
“Based on previous cycles, Bitcoin could likely continue appreciating gradually at price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle,”
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