Top 3 Major Cryptocurrencies Can See Nearly 40% Surge in Next 2-3 Weeks
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Analyst Crypto World has provided an in-depth analysis of Bitcoin, Solanan, and Ethereum prices, throwing light on upcoming trends in the cryptocurrency market. The analyst points out that Bitcoin is on the verge of a major move, with indicators suggesting a breakout.
BlackRock’s recent purchase of approximately 1,000 Bitcoin, worth around $45 million, signals bullish sentiment. With BlackRock now holding a substantial amount of Bitcoin, the market could see reduced supply, typically bullish for prices, especially with the halving approaching.
Looking at the technical analysis, the Bollinger Bands indicator indicates an impending volatile move, likely following a period of low volatility. Previous instances show that such squeezes in the Bollinger Bands often precede major price movements. If history repeats itself, Bitcoin could see a move of 20% to 30% within the next one to two weeks. At the time of writing, Bitcoin is up by more than four percent.
Ethereum price analysis:
Turning to Ethereum, Analyst Crypto World notes a confirmed bullish cross in the daily MACD indicator, suggesting a positive momentum shift. Ethereum has also broken out of a symmetrical triangle pattern, with a bullish price target around $2580. However, resistance levels around $2390 to $2430 could pose short-term challenges. At the time of writing, Ethereum is trading in green and is trading close to the $2400 levels
Solana price analysis:
Addressing Solana, Analyst Crypto World highlights a descending triangle pattern, typically considered bearish. If Solana breaks below support at $93 to $94, a bearish price target of $83 could be in play. However, a breakout above resistance at $96 could lead to a bullish price target around $109. Solana has already breached the $96 mark and is up by more than five percent. The coin is currently trading at $101 and according to the analyst, it could reach the $109 levels.
Filed under: Bitcoin - @ February 9, 2024 2:18 am