The cryptocurrency market continues its tumultuous journey following recent events. However, similar phases have been witnessed in the past. Investors who maintained their faith during these monotonous periods achieved significant gains. Will history repeat itself? One prominent crypto analyst has made encouraging statements after four years.
Will Cryptocurrencies Rise?
The year 2021 was remarkable, while 2022 ushered in a nightmare for cryptocurrencies. A recovery occurred in 2023, with some altcoins projected to achieve substantial gains by the end of 2024. Although this narrative can be summarized in a few sentences, altcoins have experienced larger declines in conjunction with the losses in BTC prices over the years. Moustache believes that the upward movement in altcoins is about to commence.
“I don’t know how else to show you that ETH/BTC is on a significant rise.
– It has a 1.5-year upward deviation (weekly)
– It touched the line of a four-year downward trend
– The price is at the lower end of a descending expanding wedge that has formed for over 2.5 years.
Going higher.”
The rise of Ether is crucial for the overall recovery of altcoins. However, ETH has been unable to shake off the negativity associated with BTC. As this article was being prepared, BTC aimed for a target of 95,000 dollars while dragging ETH down, creating a nightmare scenario. Poppe maintains that the inevitable rise for ETH has begun despite this gloom.
“ETH needs to keep moving upwards, and the upward trend has started. If we remain clearly above 0.028, we will continue to see higher returns in $ETH ecosystem assets.”
Bitcoin (BTC)
For nearly 100 days, the BTC price has fluctuated at various levels. While U.S. stock markets rise, seemingly indifferent to macro developments, BTC shows a positive correlation when the market declines. As altcoins follow suit, the market has remained in a dull state for an extended period. Daan Crypto Trades noted in their latest assessment:
“The fluctuations on Friday led to many positions closing, returning Open Interest to its lowest levels within this price range. Meanwhile, the price is stagnating in the middle, which is a good sign.
Overall, a higher price with lower open interest, even over a shorter time frame, provides a beneficial reset.”