Bitcoin (BTC) and Ether (ETH) will soon see a “massive” upturn, but the two crypto market leaders could see a decline first, as an analyst warns today.
Resistance range to $ 45,000
As the data from Cointelegraph Markets Pro and TradingView show, BTC / USD and ETH / USD are close to critical resistance over the weekend.
A late rebound yesterday evening put an end to the downward trend of the past few days that had followed significant gains from the previous week. However, a long-term resistance could not be climbed again this Friday.
In his current video analysis, Cointelegraph expert Michaël van de Poppe points to the 42,500 US dollar mark that must be cracked for Bitcoin to get rolling again.
“I remain cautious with Bitcoin as long as we can not make this brand for support,” said the analyst. And further:
“If we get an upswing that pushes us up to $ 45,000 and can overcome this area of resistance, I’ll be back at it, but for now I’ll be cautious.”
ETH / USD is also currently persisting in resistance, which, even due to the positive mood after the successful introduction of the London hard fork, has not yet been cracked.
At the time of going to press, Bitcoin was at $ 40,500, while Ether, at $ 2,740, slipped back slightly below the interim daily high of $ 2,845.
Optimistic in the long term
Meanwhile, other experts are far more optimistic, according to the analyst Rekt Capital, that Bitcoin is currently “doing everything right” to break out of the previous price range.
– Rekt Capital (@rektcapital) August 6, 2021
As Cointelegraph reported, a deal above $ 40,000 would create good conditions for further gains as Bitcoin options worth $ 625 million expire on Friday.
Ether could also benefit from this, because options for the second-largest cryptocurrency expire today with a value of 357 million US dollars.
As always, the longer the time horizon, the more optimistic the forecasts.
So means the trader Pentoshi that the next big uptrend could be a “wild ride”. If BTC / USD can surpass the current record high of 64,500 US dollars, he thinks a climbing party of 250,000 US dollars is conceivable.