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Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst

News
Sun, 06/28/2020 - 16:24
Vladislav Sopov
Last night, Bitcoin (BTC) plunged below $8,850 on several major spot exchanges. It looks like the last vestiges of the bullish rally are now gone.
Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst
Cover image via stock.adobe.com
Contents

Bitcoin (BTC) barely escaped the sub-$9,000 zone and is trading closer to its monthly lows. Which level is the next red line for the bulls?

Downtrend Continues

Entrepreneur, mathematician, private hedge fund manager, and trader Koroush AK confirmed his bearish short-term price prediction for Bitcoin (BTC). According to a chart that he posted in a recent tweet, Bitcoin (BTC) failed to leave the descending channel that was formed on Friday, June 26th, 2020.

Trader Koroush AK supposes the support near $9,070 turned into resistance level
Image via Twitter

After the recent price drop below the $9,000 mark, the $9,070 level has turned into a key resistance level. The continuation of the downtrend depends on whether the Bitcoin (BTC) bulls manage to hold it.

Mr. Koroush admitted that the bears still have the strength to push the price of the king coin further down from its current position. 

It should be noted that the price of Bitcoin (BTC) has collapsed to its monthly lows on some exchanges. This ugly red candle was followed by a $22M liquidation on the BitMEX derivatives trading platform.

Is It a Swing Before an Uptrend?

Apart from what was mentioned, some top-notch analysts believe that things are not as bad for Bitcoin (BTC) holders. Dutch cryptocurrencies trader and analyst Michael van de Poppe foresees a bullish scenario for both Bitcoin (BTC) and Ethereum (ETH).

For him, the $8,800 and $8,900 range is a crucial zone for Bitcoin (BTC). Successful attempts by the bulls to maintain this range may initiate a splendid rally for two of the most popular cryptocurrencies.

I think, if we hold $8,800-8,900. From here to $9,600 -> then flip $9,300 -> crawling back up with acceleration above $10,000 and then $11,500-12,000 test. That would put $ETH above $300 too.

It is worth noting that the CTO of Glassnode on-chain data vendor mentioned that Bitcoin (BTC) hodlers are still full of optimism about its performance.

Yesterday, June 27th, 2020, the CTO shared twelve charts that showcased how confident Bitcoin (BTC) long-term holders are in this turbulent 2020. Such a narrative looks more than bullish for him.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)