Bitcoin It surged past $25,000 casually over the weekend.
Bitcoin hit $25,000 for the first time in months on August 14, but analysts say this is not a sign of a bull market.
Bitcoin Hits $25,000 on Weekend
TradingView data shows that the price of Bitcoin hit $25,000 in a matter of hours.
The $25,000 rebound marks its highest point since June 13 following the devastating Bitcoin price drop.
However, analysts say it is still a sign of a bearish market.
The Twitter account that goes by the name II Capo of Crypto has said that the current price surge is a sign of the next price drop.
where previously II Capo of Crypto Bitcoin price is predicted to hit $25,000 to $25,500 before falling once more.
He later tweeted that The price is now $25,000, but there are no bearish signals on the LTF.
“The current bear market is very close because Altcoin Most of them have significant resistance.”
One of the crypto world famous Twitter Crypto Tony has said that Bitcoin price should turn around $24,500 before it becomes another bullish.
Ethereum back to $2,000
On the same day, the largest altcoin known as Ethereum returned to $2,000.
Ethereum surged to $2,000 for the first time since late May.
However, most traders bet on Ethereum’s future uptrend.
One of the analysts on Twitter called Moustache Compared to the 2016-2017 Ethereum price from 2022-2023, the $5,000 price for ETH is not just a meme.
Meanwhile, Twitter analyst Jackis said the ETH/BTC chart was signaling something.
How can anyone be bearish on #Ethereum & #ETH / #BTC here is beyond me.
This is the macro chart and we just got a 2M breaker.
Whenever we get the retest of 0.0725 I'll be bidding with my networth targeting 0.115 🫡
Bullish for the next two years pic.twitter.com/CYRxNaMfLF
— JACKIS (@i_am_jackis) August 13, 2022
The graph shows that the ETH/BTC ratio is now 0.081. If it retests at 0.0725, we might see the ETH/BTC price jump to 0.115.
Source : CoinTelegraph