Bitcoin and Ethereum Bear Market! Time to buy the dip or wait for more? – Coinpedia – Fintech & Cryptocurreny News Media
The recurring essence of the bull and bear markets for cryptocurrencies means that a $ 3 trillion market Cap could rather be on the floor. The market leaders take a short respite after the exhausting bull run. The recent bear market appears to be temporary as the top two cryptocurrencies repeat the 2017 correction period.
Bitcoin shows crucial support, new ATH on the horizon!
Bitcoin price’s recent move to correct support confirms the continued reflection of the 2017 bull run. In 2017, the asset was at $ 5,700 Mid-November before reaching $ 20,000 in his immediate bull run with an increase of more than 100%. The latest correction, however, testifies to the identical decline four years ago.
Bitcoin price saw a steep 10% drop from $ 66.5,000 to $ 56.4,000. Analyst CVO Crypto expects the asset to be at. is tested again $ 53,086k if it doesn’t ricochet $ 56,529,000. The noticeable outbreak would set the course up first $ 69,280k. Another continuation of the uptrend channel would push the price above $ 75,000.
Ethereum price target of $ 11,000 seems imminent!
Bitcoin’s counterpart Ethereum also follows a similar trend. In 2017 before it was a big step up to $ 1,000 by early 2022 the asset will correct to $ 399.84 Mid November. However, the altcoin suggests replicating a similar trend.
A crypto analyst CVO crypto predicts that the price of an asset will fall when $ 3979 before it makes its first move $ 7,714. Overall, he hopes that the price of the asset will be reached $ 11,000 by Jan 2022. However, to confirm the bull run, the asset must cross the crucial floor below $ 4,000.
In summary, the critical correction phases of the Bitcoin and Ethereum price follow the retest phase of 2017. In particular, the continuation of the pattern would result in a drastic increase in the price action. Crypto advocates Ran Neuner seems to be convinced of the upcoming Bull Run. The diagram he shows shows a gradual increase in the number of Bitcoin addresses with a balance well over 10,000. On the contrary, the market leaders would see a sharp correction if they fail to hold crucial lows.