Cryptocurrency traders appear to be in low spirits since the heavy market crash on early Tuesday. Yet the indicators and reiteration of a historical pattern whisper the wind of pie in the sky. In addition, the recent analytics given by Coinshares confirms the increased institutional investments across the crypto space. Bitcoin tops the list with weekly inflows of $97 million, while Ethereum and Cardano hold the immediate positions with inflows of $17.3 million and $16.4 million.
Crypto analyst Jason Pizzano points out the potential entry and exit points for the prime cryptocurrencies Bitcoin, Ethereum and Cardano.
Bitcoin Price Analysis:
After facing heavy rejection at the resistance neckline of $66.14k, the price experienced a steep fall to $59.25k. The Bitcoin price is expected to undergo another 15% dump in the price action in order to confirm the double top pattern. Concurrently, as the price has been generating higher lows over the past month, it would record above $70k post the next leg up.
Ethereum Price Analysis:
Followed by increased liquidations, Ethereum price has underperformed the majority of the cryptocurrencies with more than 5% loss round the clock. If we keenly look into price momentum in the past three months, the price has consecutively recorded 36%, 36%, and 34% loss in its previous three bear markets.
However, the star altcoin appears to be following a similar trend with a 15% drop in its recent bear market. It would plunge by another 10% to claim the immediate bottom of $3,700. Yet the quick price pump looks imminent.
Cardano Price Analysis:
The Cardano price has been trading within the tight range of symmetrical triangles, breakout looks imminent. The best entry zones to buy the altcoin would be between $1.5 to $2. As the price has gained enough strength at around $1.8, breakout seems to be fast approaching.
Bitcoin Accumulation Continues!
An acute drop in the BTC price action on Tuesday sparked a sharp sell-off leading the price to drop from $66.2k to directly $59.303k. Besides, the fear and greed index turned out neutral from extreme greed. Yet the most dominant asset still holds the strong possibilities to bounce higher.
However, a crypto analytics platform Venture founder has confirmed the largest Bitcoin accumulation from one of the whale addresses. In his recent tweet, he revealed the purchase of 207 BTC at $62k worth of $12.8 million USD.
Why Bitcoin Is Bullish?
- Pi Cycle Indicator: The indicator displays the Bitcoin price action in specified time periods. At present, the chart indicates a new market cycle where the Bitcoin price expected to reach new ATH.
- Bitcoin Logarithmic Growth Lines: The indicator has shown an exponential move of the Bitcoin price with slight fluctuations. The indicator is hopeful of asset to claim an ATH of $100k by early 2022.
- Bitcoin Gold: The recent chart shown by TechDev confirmed the gradual rise of Bitcoin price in pace with Gold. Hence the analyst expects price to continue the uptrend.
Collectively, the proponents and enthusiasts across the space urge the community to convert the recent dip as a profit-making opportunity. On the other hand, traders argue the recent drop is transient, and the actual bear market would commence from Q2 of 2022.
