As a result of the ongoing unpredictability in the cryptocurrency market, the prices of Bitcoin and Ethereum continue to move in a range. Other market analysts say the worst is still to come, while others suggest the market has already bottomed out during the FTX crash. Despite the fact that the tiny bounce may ignite hopes for a massive rally, some market analysts believe the worst is yet to come.
While the price of ETH is exhibiting some signs of stability and might perhaps rally to $1500, the price of BTC continues to be heavily pressured due to risks associated with miner capitulation.
After the United States Federal Reserve Chairman Jerome Powell announced a rate reduction that would take effect in December, both Bitcoin and Ethereum reached new all-time highs of $1,302 and $17,378 respectively. In recent days, however, additional negative divergence patterns on Bitcoin and Ethereum have caused the leading cryptocurrencies to trade at somewhat lower prices.
The well-known analyst Michael van de Poppe forecasts that the price of bitcoin will continue to rise and eventually reach levels higher than $18.3K; however, this will only be possible after the support level of $16.6K has been retested. The market analyst referred to the recent lows in the market and suggested that even lower levels could be reached, which, in turn, could result in a sizable increase in price.
