Bitcoin and Altcoin Status
Lately, the cryptocurrency market has been following a volatile course. While the short-term situation of Bitcoin is uncertain, there is an expectation of an upward trend for altcoins. Experts are evaluating how altcoins and Ethereum may perform depending on Bitcoin’s price movements.
Crypto analyst Crypto Banter assessed various scenarios regarding the short-term outlook of Bitcoin. According to the analyst, Bitcoin could rise towards the range of 62,000 – 63,000 dollars and may climb up to 65,000 dollars if it surpasses this level. However, the analyst mentioned the possibility of Bitcoin testing bottom levels and then rising again.
Regarding altcoins, the analyst stated that a weakening of Bitcoin dominance could support the performance of altcoins. While there might be short-term pullbacks in altcoins, generally, an upward trend is expected to continue. Particularly strong performance is anticipated in Ethereum pairs.
Potential in Altcoins
According to the analyst, there could be a potential rally in altcoins in the upcoming period. Especially altcoins such as INJ, Chainlink, Solana, ADA, and NEAR coin are noted to have performed well compared to Bitcoin. It is stated that these altcoins are showing signs of recovery from oversold conditions.
The analyst suggests that a rally in the altcoin market may continue until September, followed by a possibility of Bitcoin reaching all-time highs. While a strong demand against Ethereum is mentioned, altcoins like Theta are also emphasized to have the potential for an upward trend.
Ethereum’s Situation and Expectations
The price performance of Ethereum, the second-largest cryptocurrency in the market, is also noteworthy. It is stated that Ethereum is currently losing momentum but some positive developments are expected.
- Mt. Gox and Bitcoin vs. Ethereum: While Bitcoin is affected by situations like Mt. Gox, Ethereum is said to be less exposed to similar risks.
- Situation of Ethereum Miners: With the launch of Ethereum 2.0, it is stated that the selling pressure from miners has decreased, creating a dynamic different from Bitcoin.
- Ethereum ETF: Although not yet approved, it is mentioned that Ethereum is moving towards its own ETF.
Despite uncertainties about Ethereum’s future, it is expressed that generally, the dynamics of the cryptocurrency market are progressing in a supportive manner for Ethereum.