BTC is one of the only bullish looking charts in crypto right now, which makes sense since there are billions of dollars associated to it between the new BTC ETFs, Microstrategy company stake of billions, as well as Elon Musks. Actual value to companies backed to the currency.
With that being said we are looking like we are heading back down to 65k to retest support. There may be a slight rally from here to 90k before it hits its moving averages and dies down to 65k. A 20-25% decline from here.
Once it hits this support, there could be a solid chance it holds and retests with a bounce back.
A 20% decline in BTC can drive a 40%+ decline across the rest of crypto. Which makes sense being that when BTC decline 25% from March 2024-Sept 2024, (From 72k - 54k), ETH had a 42% decline in the same time period from 3900 to 2300.
I think this retest down to 65k will bring a 40% drop across crypto, where Ethereum can hit 1000. Where it has already broken its support and its next line of support is 1000.
With that being said we are looking like we are heading back down to 65k to retest support. There may be a slight rally from here to 90k before it hits its moving averages and dies down to 65k. A 20-25% decline from here.
Once it hits this support, there could be a solid chance it holds and retests with a bounce back.
A 20% decline in BTC can drive a 40%+ decline across the rest of crypto. Which makes sense being that when BTC decline 25% from March 2024-Sept 2024, (From 72k - 54k), ETH had a 42% decline in the same time period from 3900 to 2300.
I think this retest down to 65k will bring a 40% drop across crypto, where Ethereum can hit 1000. Where it has already broken its support and its next line of support is 1000.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.