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While Bitcoin is fighting to stay above $20,000, crypto experts have begun to detect signs that the asset has already reached its bottom and is poised to soar higher in the near future.
A crypto market bottom is predicted by a number of technical indicators.
Is the market bottoming out now? This is the key query that everyone is thinking about right now, from the smallest individual investors to the largest hedge fund managers. It is challenging to understand the precise state of the economy at large due to the confusion of macro signals and technical indications; this difficulty is exacerbated in the more rapid-paced crypto sector.
According to Altcoin Daily, Bitcoin might have hit its bottom. Talking about historical conditions, the youtube channel stated that Bitcoin’s price is testing the 200-week moving average and the Bollinger band oscillator is below the zero level. Another red line, the Bollinger band oscillator has crossed over the greenish blue dots; all the conditions are met to suggest that Bitcoin has hit the bottom and the only way is up from here.
Will Bitcoin Reach New Heights?
Quoting crypto expert Bob Loukas, the analysts emphasized the 4-year cycle theory of Bitcoin, according to which the Bitcoin is going to touch a new peak soon.
However, in the calculated analysis, it was also predicted that after the peak, Bitcoin may experience a long bear market which could last up to 2026. According to Bob Lukas, that phase might be an opportunity for Ethereum holders. The market has started to look at Bitcoin as an SOV (Store of Value), something like Gold, which is always going to have value but is stagnant.
Talking about the potential of Ethereum, Bob suggested that the altcoin has survived strongly against all other competitors in the market. He commented that judging from the way it was rising, it’s very likely that Ethereum will flip Bitcoin at its peak, even if just for a brief period.
Here’s Why Ethereum Could Pass the 25K Mark
Ethereum might take a huge leap in a paradigm shift to reach $170,000-$180,000 by 2030, according to Cathiewood and other experts. The market cap of Ethereum is also predicted to reach 20 trillion dollars.
The big reason given for that is the innovative nature of Ethereum, which forms the basis for other developers to create their own cryptos. In the coming time, Ethereum might displace traditional financial services.
Ethereum fees have also dropped recently which might give investors more reasons for transacting with this crypto.