The cryptocurrency market, which has been following a fluctuating trend in recent weeks, leaves investors in a state of curiosity and uncertainty. While Bitcoin is experiencing uncertainty in its short-term outlook, there is a possibility of rise for altcoins. In this uncertain environment, the future of Ethereum is also a matter of curiosity. Experts evaluate how altcoins such as NEAR coin and Ethereum will follow depending on the price movements of Bitcoin. In this article, we have compiled the latest developments in the market and expert opinions for you.
Bitcoin overtaken by NEAR coin and other cryptos
While the cryptocurrency market has been going up and down lately, experts predict different scenarios for Bitcoin and altcoins. Crypto analyst Crypto Banter made evaluations about the short-term outlook of Bitcoin. According to the analyst, Bitcoin could target the $62,000 – $63,000 range and if it breaks above this level, it could rise towards $65,000. A close above these levels this week could be a strong signal for the market.
However, the analyst said that there is a possibility that Bitcoin may retest its recent lows, it may fall to the $ 56,000 – $ 57,000 range, and then rise again. Stating that altcoins broke their short-term trends by showing resistance in the last retreat focused on Bitcoin, the analyst explained that this situation is a bullish outlook for the next few days, but long-term trends will depend on Bitcoin’s weekly close.
What’s next for altcoins?
According to the analyst, altcoins may experience minor pullbacks but are likely to see further gains soon. Bitcoin dominance losing support indicates a possible decline, which usually supports altcoin performance. If dominance and other indicators show a bearish trend, altcoins could regain their prices from four weeks ago. The analyst then focused on the best performing altcoins compared to Bitcoin, such as Injective, Chainlink, Solana, ADA, and NEAR coin. The analyst said many altcoins, including INJ and Chainlink, are showing signs of recovery after being oversold against Bitcoin.
Regarding the market outlook, the analyst predicted two phases for altcoins: a rally that continues until September, followed by a possible rise of Bitcoin towards all-time highs. The analyst added that there is a strong sentiment towards Ethereum, especially in ETH pairs, and cited Theta as a prominent example due to its bullish nature.
Ethereum also attracts attention
The price performance of Ethereum, the second largest cryptocurrency in the market, raises questions. Analysts think that Ethereum is currently losing momentum and is unlikely to gain enough traction to recover. But basically, it has at least five reasons to rebound sooner than expected.
- Mt. Gox Has Bitcoin, No Ethereum: One of the pressures on Bitcoin is the collapse of Mt. Gox exchange plans to return a significant amount of Bitcoin to creditors. This could create supply pressure on the Bitcoin market and push the price down. There is no such risk on Ethereum.
- Germany Sells Bitcoin, Doesn’t Touch Ethereum: One of Bitcoin’s recent difficulties is that Germany sells the Bitcoins it confiscates. These sales increase the sales pressure in the market. In Ethereum, there is no coin that miners have to dispose of.
- Ethereum Miners Have No Selling Pressure: With the introduction of Ethereum 2.0, Ethereum now uses the Proof-of-Stake (PoS) consensus mechanism instead of Proof-of-Work (PoW). This means Ethereum miners no longer have to sell large amounts of ETH to cover their expenses. Bitcoin miners need to constantly sell Bitcoin to cover expenses such as electricity.
- Is Ethereum ETF Coming? Although not officially approved yet, Ethereum is on track to have its own exchange-traded fund (ETF).
- Supply shock: The introduction of a burn mechanism for transaction fees through EIP-1559 resulted in a significant reduction in Ethereum supply.
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