The post Bitcoin and Ethereum Price Prediction For Coming Weeks: Here’s What To Expect appeared first on Coinpedia Fintech News

The latest analysis from cryptocurrency experts suggests that Bitcoin mirrors historical patterns, showing a major bullish breakout. According to analyst Crypto World, this breakout coincides with the price surpassing a crucial resistance level, indicating a potential upward trajectory.

However, amidst this new wave of optimism, a new short-term signal has been identified, warranting close attention. While short-term corrections are always possible, the prevailing sentiment among investors is overwhelmingly bullish, said the analyst.

Technically, Bitcoin is on the verge of a significant breakout, with the weekly time frame indicating a potential move to all-time highs near $70,000 following a breakout above $50,000. Zooming out, a massive bullish cup and handle pattern suggests a target of around $60,000.

Ethereum Price Analysis

Furthermore, Ethereum is also showing a breakout above key resistance levels, signaling a bullish trend. The second largest cryptocurrency is poised for a breakout above $2,700, pushing it towards $3,400-$3,500 in the coming weeks. Ethereum showed strong bullish momentum on the daily timeframe, further supporting the bullish outlook.

According to the analyst, the influx of institutional investment and substantial inflows into Bitcoin indicates a bullish sentiment prevailing in the market. Despite occasional short-term bearish movements, the overall trend remains upward, fueled by continuous capital inflows. Analysts speculate that the market is poised for a bull run, with Bitcoin potentially reaching new all-time highs in the coming weeks or months.

He said some observers have a prevailing sentiment that Bitcoin will top out around $50-52k and experience a sharp decline. However, such views may indicate a broader sentiment of market skepticism, which historically aligns with further market gains.

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Filed under: Bitcoin - @ February 16, 2024 5:05 am