Bitcoin Eyes $61K: Will Ethereum Follow Suit?

Bitcoin Eyes K: Will Ethereum Follow Suit?

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  • Bitcoin’s Potential Surge and Ethereum’s Bullish Pattern

    Bitcoin’s trajectory this week could see it targeting $61,000, driven by rising accumulation. Meanwhile, Ethereum’s daily chart has revealed a bullish pattern, suggesting a potential price increase. The past week has been relatively calm, with most cryptocurrencies experiencing single-digit movements as they consolidated.

    However, Toncoin [TON] stood out, decoupling from the market trend and surging by over 13% in the last seven days. This divergence raises questions about what the upcoming week holds for the crypto market.

    Market Sentiment and Volatility

    The crypto market’s sentiment is currently in a “fear” phase, as indicated by the Fear and Greed Index reading of 28. This suggests that volatility could increase in the coming days, potentially driving prices higher. Investors should brace for potential market swings as sentiment shifts.

    Bitcoin’s Weekly Targets

    Bitcoin’s price has seen marginal movement over the past week, trading at around $58,630. Despite the lack of significant price action, the exchange reserve for Bitcoin has been dropping, indicating low selling pressure. The accumulation trend score, which is above 0.7, suggests that buying pressure is dominant in the market.

    However, data also shows that more investors are selling at a profit, which could indicate a market top in the middle of a bull run. If the bulls can push Bitcoin above $61,000 this week, it could target $68,000. Conversely, a price drop could see Bitcoin plummet to its support level at $54,000.

    Ethereum’s Bullish Prospects

    Ethereum has experienced a 23% weekly surge, trading at $2,630. A sharp increase in Ethereum’s NVT ratio suggests that the asset might be overvalued, indicating a potential price correction. Despite this, the exchange reserve for Ethereum is also dropping, pointing to weak selling pressure.

    A closer look at Ethereum’s daily chart reveals a bullish ascending triangle pattern. If Ethereum breaks out bullishly, it could begin a recovery phase and reach $3,300 in the coming days. However, if it faces rejection at $2,736, the price might drop back to $2,300.

    Conclusion

    The crypto market is poised for an interesting week ahead, with Bitcoin and Ethereum showing potential for significant price movements. While Bitcoin aims for $61,000, Ethereum’s bullish pattern could drive it higher. Investors should stay vigilant and consider both technical and fundamental factors when making decisions.

    Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.