Popular cryptocurrency analysts made crazy predictions for Ethereum (ETH) and Bitcoin (BTC) in their recent analysis! So, what levels are analysts pointing to? Here are the details…
The analyst explained: “Ethereum (ETH) may see $5,000 levels by the end of the year!”
With the Shapella upgrade, the leading altcoin Ethereum showed a jump on April 12 and managed to exceed the $ 2,000 level. This rise allowed the price of Ethereum to surpass $2,100 for the first time since May. The bulls have to close above this level each day to maintain the advantage against the downtrend. All eyes are currently focused on the $2,000 barrier level, as a breakout would push the price of Ethereum to $2,400 or higher. Instantly, ETH is changing hands at $2,098.
Investors flock to numerous markets due to the excitement at the start of the bull market. This fear of missing out (FOMO) often contributes to momentum development in uptrend markets. With its impressive performance since the beginning of the year, ETH is well positioned to rise. Breaking above $2,000 this past week marks the beginning of a bull market. Only if a large number of market conditions are met in the coming months can it rise to the significant price of $5,000. But experts say that for this level to happen, Ethereum must not lose the $ 2,000 level at all costs.
It cannot be guaranteed even with a successful Shapella upgrade, which allows investors investing in ETH for the first time since the network transitioned to a Proof-of-Stake (PoS) protocol to withdraw their coins and rewards. Whales have to protect their hardware if they want Ethereum demand to stay high. On the other hand, another critical point for the ETH price to reach these levels, according to experts, is the regulatory environment in the industry. This is another important issue to consider.
With a vote on Crypto Asset Markets (MiCA) later this month, Europe will be one step closer to establishing a clear legal framework. There is no longer a chance for a quick resolution of the complex situation in the USA. Clarity may or may not be achieved in the summary judgment in May in the SEC and Ripple case. Still, the US strategy for digital assets in 2023 could position the market for a bull run or extend the crypto winter. Despite this, the bullish sentiment surrounding ETH price is still strong and a break above $2,000 could mark the start of a steady rise above $5,000.
Since the beginning of the year, and especially after thriving amid the American banking crisis, Bitcoin and Ethereum have consistently exceeded market expectations. In March, three cryptocurrency-friendly banks went bankrupt, including Silicon Valley Bank, Silvergate Bank, and Signature Bank (SVB). Regulators have since rushed to take control, upsetting many cryptocurrency-based businesses that failed to acquire banking partners. According to experts, we will only be able to see if there will be more fluctuations in the near term.
Will Bitcoin be able to see the levels of 160 thousand dollars by the end of 2023?
In recent years, Bitcoin has taken the financial world by storm, attracting great attention from both investors and analysts. Cryptocurrency has had its share of ups and downs. Analyst comments about BTC draw attention. An analyst named BitQuant addressed Bitcoin investors on Twitter.
On February 20, BitQuant took to Twitter to share a prediction suggesting that Bitcoin completed its final pullback before heading to the moon. According to the tweet, the aforementioned projection only does not foresee a retest of the 10-week EMA before it enters an upside phase. If correct, this projection shows that the new low before the all-time high will be in the 29k-30k range.
Also, BitQuant predicts that $160,000 is the only significant level of resistance that Bitcoin needs to break this year. The tweet goes on to state that there are no other major levels of resistance this year that require serious discussion and debate. The analyst seems confident that Bitcoin will reach this level and says he will not start to worry until it does.
The tweet caused a lot of buzz in the Bitcoin community, with many analysts and enthusiasts sharing their thoughts and opinions on the topic. Some are skeptical of BitQuant’s projection and believe that the price of the cryptocurrency could also face significant fluctuations in the coming months. Others are more optimistic and see the projection as a sign that good things are coming for Bitcoin.
cryptocoin.com Overall, as we reported, it’s pretty clear that BitQuant’s tweet has caught the attention of the Bitcoin community, and many will be watching closely to see how things unfold in the coming weeks and months. Time will tell if the prediction is correct.
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