The cryptocurrency market continues its turbulent journey following recent events. However, similar phases have been observed in the past. Investors who held onto their faith during these monotonous periods achieved significant gains. Will history repeat itself? A well-known crypto analyst has made optimistic statements after four years.
Will Cryptocurrencies Rise?
The year 2021 was remarkable, but 2022 brought a nightmare for cryptocurrencies. A recovery took place in 2023, with some altcoins expected to make substantial gains by the end of 2024. Although this story can be summarized in a few sentences, altcoins have suffered larger declines along with the losses in BTC prices over the years.
Moustache believes that the upward movement in altcoins is about to begin.
“I don’t know how else to show you that ETH/BTC is on a significant rise.
– It has been on an upward trend for 1.5 years (weekly)
– It reached the line of a four-year downward trend
– The price is at the lower end of a descending expanding wedge that has formed over 2.5 years.
Going higher.”
The rise of Ether is crucial for the overall recovery of altcoins. However, ETH has been unable to shake off the negativity associated with BTC. As this article was being prepared, BTC aimed for a target of $95,000 while dragging ETH down, creating a nightmare scenario. Poppe maintains that the inevitable rise for ETH has begun despite this gloom.
“ETH needs to continue moving upwards, and the upward trend has started. If we stay clearly above 0.028, we will continue to see higher returns in the $ETH ecosystem assets.”
Bitcoin (BTC)
For nearly 100 days, the BTC price has fluctuated at various levels. While U.S. stock markets rise, seemingly unconcerned about macro developments, BTC shows a positive correlation when the market declines. As altcoins follow suit, the market has remained dull for an extended period. Daan Crypto Trades noted in their latest assessment:
“The fluctuations on Friday led to many positions closing, returning Open Interest to its lowest levels within this price range. Meanwhile, the price is stagnating in the middle, which is a good sign.
Overall, a higher price with lower open interest, even over a shorter time frame, provides a beneficial reset.”
