The recurrent essence of cryptocurrency bull and bear markets signifies that a $3 trillion market cap could be more likely to be on the floor. The market leaders undergo a short respite post the exhaustive bull run. The recent bear market seems to be transient, as the top two of the cryptocurrencies reiterate the correction phase of 2017.
Bitcoin Surfaces Crucial Support, New ATH on the Horizon!
The recent move of Bitcoin price to correct support confirms the continued reflection of the 2017 bull run. In 2017, the asset experienced a quick retest at $5,700 during mid-November before reaching $20,000 in its immediate bull run with a more than 100% surge. However, the recent correction testifies to the identical drop which happened four years ago.
The Bitcoin price experienced a steep fall of more than 10% from $66.5k to $56.4k. The analyst CVO crypto expects the asset to retest at $53.086k if it fails to bounce from $56.529k. The clear breakout would initially lead the price to $69.280k. Further continuation in the uptrend channel would direct the price above $75k.
Ethereum Price Target $11k Looks Imminent!
Bitcoin’s counterpart Ethereum also follows a similar trend. In 2017, before taking a major leg up to $1,000 by early 2022, the asset corrected at $399.84 in mid-November. However, the altcoin hints at replication of a similar trend.
A crypto analyst CVO Crypto predicts an asset’s price to dump at $3979 before it makes its first move to $7,714. Collectively, he is hopeful of the asset’s price to hit $11k by Jan 2022. However, to confirm the bull run, the asset has to pass the crucial bottom below $4k.
Collectively, the critical correction phases of Bitcoin and Ethereum price follow the retest phase of 2017. In particular, the continuation of the pattern would bring a drastic uplift in the price action. Crypto proponent Ran Neuner seems to be much convinced of the upcoming bull run. The chart shown by him highlights a gradual rise in the Bitcoin number of addresses with a balance well above 10k. On the contrary, the market leaders would experience a heavy correction if it fails to hold crucial bottoms.