Cryptocurrency market poised to turn bullish
Cryptocurrency market poised to turn bullish
On Friday, the cryptocurrency market traded with mixed dynamics: while the price of Bitcoin (BTC) remained above $65,000, the price of Ethereum (ETH) fell below $3,000.
However, despite such mixed dynamics and uncertainty in the digital asset market, many analysts are predicting further growth for the largest cryptocurrencies by capitalization.
Rekt Capital, a well-known crypto analyst in the community, noted on his X page that the recent breakout to $66,000 shows how quickly market sentiment could shift to a bullish trend.
"Bitcoin has finally recorded its first Higher Higher since bottoming at $56,000," he wrote.
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However, the analyst stressed that "the Bitcoin bull market is not over yet, but the market will always try to knock you out of your positions before you can make significant profits from them."
Mike Novogratz of Galaxy Digital stated that, given the rapidly evolving developments in the cryptocurrency market, its landscape will change and affect the overall trend of digital assets. According to his latest predictions, the price of Bitcoin will fluctuate between $55,000 and $75,000 for some time, indicating a consolidation phase before any major movements.
At the same time, experts also noted a bullish outlook for Ethereum, the second largest cryptocurrency by market capitalization.
Popular crypto analyst Michael van de Poppe predicts a significant rise in the price of ETH in the near future as the asset is in the final stages of correction.
"Good times are coming in a few weeks," Michael van de Poppe says in X to his more than 700,000 followers.
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Also, another cryptocurrency analyst under the nickname CryptoYoddha claims that the price of Ethereum will exceed $10,000 by the end of the year.
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At the time of publication, BTC was trading at $65,728, down 0.24% in the last 24 hours. Ethereum is down 2.09% at $2,944.
