Analysts Have Predicted Bitcoin and Ethereum Prices For Christmas

Despite risks of miner capitulation and FTX contagion in the crypto market, analysts remain bullish on Bitcoin and Ethereum prices.

The prices for Bitcoin (BTC) and Ethereum (ETH) are continuing to move without any clear direction, as traders remain uncertain about whether the crypto market has hit its bottom yet. Some analysts believe that the crypto market had already reached its bottom amid the FTX fiasco.

Ethereum is currently showing better signs of a rally than Bitcoin, with the possibility of Ethereum reaching $1,550.

Can Bitcoin and Ethereum Overcome Their Roadblocks?

After U.S. Federal Reserve Chair Jerome Powell announced a slowdown in rate hikes from December, Bitcoin and Ethereum prices reached new highs of $17,378 and $1,302 respectively. However, the formation of bearish divergence on Bitcoin and Ethereum caused slight retracements in BTC and ETH prices.

The data collected from Spent Output Profit Ratio (SOPR) shows that people selling their assets are doing so at a loss, as shown by the SOPR being less than 1. This combined with the lack of positive attitudes towards Bitcoin makes it very unlikely for the price to surpass $18,000 again in the near future. The primary factor driving this McGregor down is still miner capitulation (when miners give up and sell all their assets).

Furthermore, crypto market analyst Michael van de Poppe stated that Bitcoin is likely to reach $18.3k after testing the support level at $16.6k again. Additionally, he observed that Bitcoin has already reached the bottom of the previous bear market where it began to rise in value before.

Michael van de Poppe is confident that Ethereum will soon skyrocket in value, as it has already shown strength by flipping from the $1,150 level. If it breaks out above $1,225, he predicts it may run towards $1,350 or even $1,550.

Jordan Belfort, who was famously depicted in the movie “Wolf of Wall Street”, recommended avoiding crypto altogether. However, he only sees Bitcoin and Ethereum as sound investment options – a small fraction of what one would typically invest in. He believes traders should wait until FTX inexperienced investors sell due to market uncertainty.

The market is waiting for BTC and ETH prices to shoot up.

As of right now, Bitcoin is being traded around $17,000 and gradually making its way towards $18,000. In the course of the last week, BTC’s price rose over 4%. The 24-hour low and high were recorded as $16,922 and $17,109 respectively.

Ethereum is also currently in consolidation mode, with the current price holding steady above $1,250. In the past day, there hasn’t been much movement in ETH price. Like Bitcoin, Ethereum shot up 4% this week.