The crypto world continues to puzzle traders as Bitcoin (BTC/USD) and Ethereum (ETH/USD) have traded sideways for months. Despite the lack of decisive price action, some analysts are offering predictions on the future trajectory of these leading cryptocurrencies.
CryptoCon, based on analysis of previous Bitcoin cycles, believes Bitcoin is primed for a surge by early 2025. They forecast Bitcoin reaching a price of $107,558 or higher by December 2024 or January 2025.
Meanwhile, Cold Blooded Shiller sees a different scenario for Ethereum. He predicts a struggle for ETH against the $2380 resistance level. If it fails to break through, he anticipates a drop to $2,150. Shiller summarizes, “Trapped between $2150 and $2350 the next larger move comes when one gives way.”
As Bitcoin approaches the $60,000 mark and Ethereum struggles to surpass its previous month’s high levels, some key metrics offer insights into the current market dynamics. IntoTheBlock data reveals contradictory performance for Bitcoin and Ethereum in the past 24 hours. While Bitcoin experienced an 11% drop in large transaction volume, Ethereum saw a 2.9% increase. Ethereum also saw a 10.9% rise in daily active addresses, while Bitcoin saw a 7% decline. Furthermore, exchange netflows narrowed by 56.7% for Bitcoin and expanded by 397.8% for Ethereum.
Coinglass data also highlights the volatility of the market, reporting $7.4 million in liquidations for Bitcoin and $9.8 million for Ethereum in the past 24 hours.
The influence of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on November 19. This event promises to provide further insights into the future of the cryptocurrency market.
While the short-term outlook remains uncertain, the long-term potential of both Bitcoin and Ethereum continues to attract interest from investors and analysts alike. The coming months will be crucial in determining which way the market will move and what the future holds for these leading cryptocurrencies.
