Bitcoin and Ethereum Price Prediction | What to Watch For After This Week's 20% Gains
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Despite a modest drop in the worldwide market cap of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) remain robust at over $21,000 and $1,500, respectively. This has allowed them to keep their excellent momentum going.
Bitcoin appears to be establishing firm support near $21,000 and may shortly surpass its current $23,000 resistance. The crypto winter may be coming to an end, as the market shows symptoms of a developing bull run.
The cryptocurrency market has increased by 1% in the last day, and it is now worth $1.02 trillion. This is owing to positive macroeconomic indications such as improved US inflation numbers and projections that the global recession will finish in 2022.
The upward trend in Bitcoin values, on the other hand, can be attributed to a number of positive macroeconomic factors. These include new monetary policies, whales purchasing BTC, rising Bitcoin mining difficulty, and the 'halving' in 2024.
Halving in Year 2024
Another issue that is expected to excite cryptocurrency traders is the "halving" of Bitcoin. Some investors believe that halving, or reducing bitcoin payouts to miners by half, will raise the price of bitcoin by limiting supply.
Source - Twitter The halving, however, is scheduled to take place between March and May of 2024.
Bitcoin Price
The current Bitcoin price is at $21,200 mark, with a $23 billion 24-hour trading volume. Bitcoin is up 0.15% in the previous 24 hours and more than 20% in the last seven days.
Bitcoin was unable to break above $21,400 on January 17th and appeared to be rejected. When the daily candles closed below this level (particularly a doji candle), it could be an indication of a bearish correction, with both the RSI and the MACD entering an overbought state.
Source - CoinMarketCap
Ethereum Price
Ethereum, the second-largest cryptocurrency, has seen an 18% spike in value over the last week and is now trading at $1,500 mark.
Ethereum's value has recently increased, with its primary support level near $1,500. If this level is successfully maintained, the price could rise to $1,660, the next resistance level.
Source - CoinMarketCapALSO READ - BTC Network's Mining Difficulty Rises to All-Time High
