Bitcoin may be set for a final price surge as it approaches the $160,000 target before a bear market begins. Analysts point to a new CME gap and bullish price patterns. Ethereum also shows potential for recovery but current interest remains low. Short-term fluctuations are anticipated, with traders advised to monitor key support levels closely.
Bitcoin stands at a critical juncture, as market analysts predict a final price surge before an impending bear market kicks in. This surge might represent the last opportunity for traders looking to capitalise on the current market cycle. Recent indicators suggest that Bitcoin could climb towards the $160,000 mark, although a small dip may precede this rise.
A notable factor influencing market sentiment is a recently identified CME gap which appeared when Bitcoin’s price reached $96,900. Typically, gaps like this close within 48 hours, but this one shows signs it may take longer. Many experts remain optimistic, suggesting that Bitcoin might eventually push past $97,000 as these gaps usually get filled, despite whatever volatility is expected in the interim.
Bitcoin’s price action has also revealed a shift—moving past a critical support level that used to serve as a resistance point. This shift forms what technical analysts call an ascending, broadening wedge, a pattern indicating potential bullish movements—though many traders are wary. A section of the trading community believes it’s now an opportune time to purchase at current support levels, hinting at optimism amidst broader market uncertainties.
Complicating matters further is a triple bearish divergence noted on the weekly charts, suggesting that if these signals materialise, the current bull run could be nearing its end. However, as Bitcoin maintains prices above these critical thresholds, bullish sentiments persist, with a longer-term price target nestled between $130,000 and $160,000—similar to those recorded in past upward trends.
Meanwhile in the broader crypto sphere, Ethereum has shown signs of a potential reversal, although overall market enthusiasm appears muted. Analysts speculate that Ethereum may be at a nadir, but prospects for recovery loom, particularly with an upcoming Pectra upgrade aimed at improving staking and account functionality. A rise in adoption could position Ethereum for future rallies, which makes it a noteworthy player to keep an eye on.
Ultimately, fluctuations in the short term are part of the cryptocurrency game, yet there seems to be a bullish undercurrent for Bitcoin. As the market possibly inches towards the upper $130,000 to $160,000 range before a downturn, keeping a close watch on key support levels in the coming weeks is vital for traders looking to navigate these waters.
