Bitcoin Price May Visit the CME Gap at $16995
Bitcoin price experiences the worst ever sell-off of the week by dropping nearly $1000 within an hour. Some people believe it is a healthy correction, while some think the FUD of Mt. Gox exchange might have lowered the price.
Some of the analysts believe that Bitcoin may fill the CME gap close to $17K and rebound back.
Also, the analysts have predicted two scenarios for the upcoming bitcoin movements. In case of a breakdown, the BTC price target is set at $17k to $17.2k. And in the second scenario, if the price breaks up, the target set will be at $20.6k to $20.8k.
Will Ethereum Will Flow by the Wave?
With the launch of ETH 2.0 Beacon chain, most of the crypto enthusiastic believed that Ethereum price will hit $1000. But the price appears to have lost the momentum and close to losing the $500 levels too.
The ETH 2.0 launch seems to have not impacted the ETH price in any manner as the price remained trending in a very narrow range since the launch by experiencing a breakdown in between.
Currently, the price is close to the strong support levels and hence a breakout is the need of the hour. The double top formation is however not a good indication of a bull run, but the bullish trend is imminent.
Some analysts believe the correction could pull back the price to as low as $480. At present at the time of composition, ETH price stands at $543 with a drop of nearly 2 percent. And the Bitcoin price is $17,903 with a dip of 2.19 percent.