Bitcoin and Ethereum Price Analysis: BTC’s Lack of Buyers and ETH Spot ETF Potential – What’s Next?
Jackis, a top crypto analyst, recently intriguing insights into the current state of Bitcoin and Ethereum. His observation, shared via a detailed post on the X platform, shed light on the distinct market behaviours of these leading crypto assets. His analysis points to a notable absence of buyers, setting this period apart from previous sell-offs.
What you'll learn 👉
Bitcoin (BTC)and Ethereum (ETH) Price Analysis
Jackis emphasized that Bitcoin has printed a lower low on the weekly timeframe. This lower low, appearing within an impulsive leg higher from $39,000, marks a shift.
He noted that Ethereum, while relatively stronger than Bitcoin, has not yet confirmed a lower low on the weekly timeframe. This strength is not so much due to a bullish trend but rather Ethereum’s resistance to further decline.
Potential Impact of a Spot ETF and the Macro Trend
The possibility of a Spot ETF could change the current dynamics, according to Jackis. He believes that a break above $4,000 for Ethereum might be crucial.
Despite the bearish control in the medium-term timeframe, Jackis maintains a bullish outlook on the macro timeframe. This suggests a potential recovery once the market stabilizes.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Crypto Trader Posts Viral $17 Ripple (XRP) Price Prediction
Forced Sellers and Future Prospects
Jackis pointed out that forced sellers, including miners, the German government, and Mt. Gox, will eventually run out. As Bitcoin exchanges hands, the macro trend is expected to resume. This transition could pave the way for a more stable and bullish market environment.
Jackis’s analysis provides a nuanced understanding of the current market trends for Bitcoin and Ethereum. The absence of buyers, the crucial lower lows, and the potential influence of a Spot ETF all contribute to a complex market scenario. However, the eventual exhaustion of forced sellers offers a glimmer of hope for a bullish resurgence in the macro timeframe.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.
Join and Get 10k Tokens FREE!
Engaging community with games and crypto incentives
Integrated platform with GameFi and NFT functionalities
Simple interface that’s easy for new users to explore crypto gaming
