Bitcoin and Ethereum poised for potential rallies, indicators suggest
Bitcoin (BTC) and Ethereum (ETH), two leading cryptocurrencies, are showing signs of potential upcoming rallies according to various technical, on-chain, and fundamental indicators. Bitcoin’s price is currently consolidating in a pattern that suggests a possible breakout toward or above $90,000, while Ethereum’s growth this year positions it as a top performer among major cryptocurrencies, potentially retesting its all-time high soon.
The technical analysis of Bitcoin’s price movement indicates a bullish continuation pattern known as a bull pennant, which could lead to a significant price increase. This pattern, coupled with increasing capital inflows into Bitcoin ETFs and the approaching Bitcoin halving event, strengthens the case for a bullish outlook. Ethereum’s Net Unrealized Profit/Loss (NUPL) data has entered the ‘Belief — Denial’ zone, indicating a mature bull market with cautious optimism among investors.
Bitcoin’s price has shown resilience after a recent pullback, with Bitget’s Managing Director Gracy Chen predicting a surge to $120,000 – $140,000 during this bull market cycle. The prediction is based on strong net inflows into Bitcoin ETFs, suggesting an imminent rally. Bitcoin’s current price is around $67,000, with a market capitalization exceeding $1.3 trillion and a circulating supply nearing its maximum.
Ethereum, on the other hand, has seen significant year-to-date growth, outpacing other major cryptocurrencies. It currently has strong support and resistance zones near its price of $3,946, with the potential to reach as high as $4,500, close to its all-time high. The ETH NUPL metric’s shift into the ‘Belief — Denial’ phase reflects a majority of holders viewing their holdings profitably, reinforcing their confidence in the cryptocurrency.
Both Bitcoin and Ethereum’s technical landscapes suggest bullish sentiment, with Bitcoin’s price supported above the $66,000 threshold and Ethereum’s market dynamics indicating a possible consolidation in the short term. However, the overall market trends suggest that both cryptocurrencies could experience significant rallies in the near future.