Bitcoin's BTC/USD Prices remain subdued, trading at $67,900 as of Friday morning, up a modest 1.2%.
what happened: This was achieved despite reaching nearly $69,000 earlier this week, according to CoinGecko data.
The leading cryptocurrency is currently 8% below its all-time high of $73,737.
Ethereum ETH/USD It also saw a modest increase of 0.5%, reaching $2,540.
But analysts have suggested the market could face new pressures as volatility and concerns about the U.S. election weigh on investor sentiment.
Talking with Injective CEO Benzinga Eric Chen He noted that Bitcoin's typical four-year cycle could become longer, potentially resulting in a more stable but slower rally.
Injective CEO Eric Chen points to a change from Bitcoin's traditional four-year cycle, which has now been extended, potentially resulting in more stable long-term growth rather than dramatic price fluctuations. It suggests that there is a gender.
“Will the bull market last longer,” Chen said, as Bitcoin's recent approach to $70,000 has met with resistance, indicating a possible departure from previous bull cycles triggered by halving events. , it will gradually decline in a more stable cycle.”
Chen added that the outcome of the US presidential election could cause a big reaction in the market, and whether the growth phase accelerates or is further delayed depends on investor sentiment after the election.
In a memo sent to Benzinga, Avinash ShekharCo-founder and CEO of pie 42further highlights Bitcoin's volatility and stage of consolidation as investors grow cautious amid economic uncertainty, with year-to-date gains narrowing from 56% to 52%. did.
Shekhar predicts that historical trends will push Bitcoin into a virtuous cycle in the fourth quarter, potentially reaching new highs by December.
Also read: Institutional Bitcoin investors have their own trading strategies: this is one of them
He said that although the market could be disrupted by macroeconomic and political changes, “Bitcoin tends to enter a positive cycle in the fourth quarter, and there remains tension among investors.” .
Ethereum, on the other hand, appears to be a laggard, with the declining ETH/BTC ratio suggesting that investor interest is shifting from Ethereum to Bitcoin.
provide technical analysis, Ilya OtichenkoPrincipal Analyst CEX.IOseveral indicators point to a possible recession and warn of increasing bearish pressure.
Bitcoin’s recent attempt to break above the $69,000 mark stalled, falling below the 20-day EMA that previously served as a dynamic support level.
“Momentum indicators…suggest that Bitcoin may face further downward pressure,” Otichenko observed, adding that if Bitcoin fails to maintain its current levels, it could revert to $66,750. He added that it could be tested.
He noted that the bearish divergence on the daily chart and weakness in the RSI indicate that a correction phase could continue for Bitcoin, especially if it fails to break through key technical resistance points.
Otichenko also said that a break below the 20-day EMA could lead to further decline, with the 200-day SMA being the next potential support level.
What's next: With experts divided on Bitcoin's future trajectory, Benzinga's Future of Digital Assets event on November 19th is a timely opportunity to gain deeper insight into the forces shaping the crypto market. It will be a forum.
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