The volatile cryptocurrency market continues to experience turbulence after recent events. However, similar phases have been observed in the past, and investors who remained steadfast during these monotonous periods were able to achieve substantial profits. Will history repeat itself? A well-known crypto analyst has made positive statements after four years.
Will Cryptocurrencies Rise?
The year 2021 was remarkable, but 2022 brought about a nightmare for cryptocurrencies. A recovery took place in 2023, with some altcoins expected to make significant gains by the end of 2024. While this narrative can be summarized in a few sentences, altcoins have experienced significant declines in tandem with the losses in BTC prices over the years.
Moustache believes that the upward movement in altcoins is about to begin.
“I don’t know how else to demonstrate that ETH/BTC is experiencing a significant rise.
– It has shown a 1.5-year upward deviation (on a weekly basis)
– It has touched the line of a four-year downward trend
– The price is at the lower end of a descending expanding wedge that has been forming for over 2.5 years.
It will go higher.”
The rise of Ether is crucial for the overall recovery of altcoins. However, ETH has been unable to shake off the negative impact associated with BTC. As this article is being prepared, BTC is aiming for a target of $95,000 while dragging ETH down, creating a nightmarish scenario. Poppe maintains that the inevitable rise of ETH has begun despite the gloomy situation.
“ETH needs to continue moving upwards, and the upward trend has started. If we remain clearly above 0.028, we will continue to see higher returns in the $ETH ecosystem assets.”
Bitcoin (BTC)
For nearly 100 days, the price of BTC has fluctuated at various levels. While the U.S. stock markets rise, seemingly unaffected by macro developments, BTC shows a positive correlation when the market declines. As altcoins follow suit, the market has remained stagnant for an extended period. Daan Crypto Trades noted in their latest assessment:
“The fluctuations on Friday led to many positions being closed, bringing Open Interest to its lowest levels within this price range. Meanwhile, the price is stagnating in the middle, which is a positive sign.
Overall, a higher price with lower open interest, even over a shorter time frame, provides a beneficial reset.”
