- Analysts weigh in on Bitcoin and Ethereum potential long-term performance following recent decline.
- Bitcoin and Ethereum dip from new ATH after recent market selloff.
Following the recent market selloff, two prominent personalities in the cryptocurrency community have given insights into where they believe the market is headed.
For Ethereum (ETH), current prices are primed to potentially surge and are likely to be sustained, after the commencement of the upcoming Ethereum Shanghai upgrade scheduled for March, according to Weiss Crypto ratings.
#Bitcoin market cap dominance cools down, signaling a potential #altcoin rally. Keep an eye on #Ethereum's Shanghai upgrade in March for potential price pressure. #crypto
— Weiss Crypto (@WeissCrypto) January 24, 2023
Bitcoin is also similarly expected to increase in the weeks ahead. Cryptocurrency analyst Kaleo is extremely bullish and has taken to Twitter to express his positive sentiments.
I've never been so bullish on Bitcoin in my life for a window of what I think will happen over the next several weeks than I am right now.
— K A L E O (@CryptoKaleo) January 25, 2023
I don’t think this rally leads to new ATHs (more likely top out and distribute in the $40K – $45K range for a couple of months before retracing back to the mid to high $20Ks later this year), but I really think it’s about to accelerate rapidly.”ded.
Mirroring his sentiments, Ki Young Ju, the CEO of Cryptoquant claims that Bitcoin has entered an early bullish phase.
He further stated that the Market Capitalization versus Realized Capitalization (MVRV) on-chain indicator shows that investors are still underwater, and very unlikely to sell their Bitcoins. Any recorded sale at this time from investors might be due to bankruptcy or coins that have been seized by the government, he remarked. He explained.
Of course Bitcoin still has contagion & macro risks, and we may see more bankruptcies, M&As, and capitulations in the next few months. But, from an on-chain perspective, $BTC whales haven’t moved Bitcoins despite the recent price surge. The market might have yet to reach its target.
Crypto market turns red, causing Bitcoin and Ethereum to shed prices
Bitcoin and Ethereum, despite having a positive run for the most part of January 2023, have dipped below newly attained price levels following a recent market sell-off. A massive crypto sell-off took place in the cryptocurrency market this week, with over $27 billion exiting the market within the last 24hrs.
The selloff was reflected in the market, with Bitcoin and the majority of altcoins slipping below newly attained price levels. Bitcoin has since lost stamina, to now trade at a press time price of $22,994.
Bitcoin has also lost $5.33 billion in market cap. Going from $436.03 billion to $441.36 billion. The decline has also interrupted Bitcoin’s attempt at testing $24,000, as the asset had just hit an ATH of $23,722 before the selloff.
Just like Bitcoin, Ethereum (ETH) had shaved off some of its price value. After managing to clutch $1,632 for the first time since November 2022, ETH’s market cap lost almost 5% in value. ETH is trading at $1,606 at the time of this report.
