2 months ago 3 min read

Bitcoin and Ethereum Price Predictions: BTC Reclaims $16400 Mark; More Recovery on the Way?

Bitcoin and Ethereum Price Predictions: BTC Reclaims $16400 Mark; More Recovery on the Way?

Bitcoin and Ethereum price predictions: Following yesterday's gains, the market leaders have created a sense of relief rally in the crypto market. As a result, the major altcoins are in the green today, continuing the bullish trend.

Furthermore, at 10:23 a.m. EST on Wednesday, the global crypto market was worth $825.26 billion, up 2.87% in the previous 24 hours. However, the total crypto market volume fell 9.34% to $61.03 billion. DeFi's total volume is currently $3.91 billion, accounting for 6.41% of the total crypto market 24-hour volume.

Difficulty of Mining Bitcoin Has Reached ATH

Core Scientific Inc., the world's largest Bitcoin mining company, has declared bankruptcy by the end of 2022. This crisis occurred as network difficulty steadily increased to an all-time high of 36.95 trillion. Furthermore, the insufficient reward as a result of the falling bitcoin price and increased competition contribute to the problem.

Furthermore, Glassnode recently tweeted that the "miner Hash Price has plunged to a new all-time low of $58.3k per Exahash per day." As a result, with overall market sentiment remaining bearish and investors still fearful of a recession, the mining industry may continue to suffer.

Price of Bitcoin

Bitcoin's price has been consolidating, forming a descending triangle pattern. Though this bearish continuation pattern encourages the coin price to resume its previous decline, in exceptional circumstances, the coin price may break the overhead trendline to reflect the rising bullish momentum.

Source: CoinMarketCap

As a result, the Bitcoin price increased by 3% earlier today, breaking through the pattern's resistance trendline. The coin price is currently trading at $16693.81, with the coin attempting to retest the breached resistance as potential support.

If buyers can keep the coin price above the downsloping trendline, it could rise 10% to the $18000 psychological resistance. A daily candle that closes below the trendline, on the other hand, will invalidate the bullish thesis.

Price of Ethereum

The Ethereum coin price rebounded from $1080 support on November 22nd with a tweezer bottom candle pattern. This bullish reversal drove prices up 7.5% to a combined resistance of $1180 and a downsloping trendline.

The altcoin is currently trading at $1200.48 and is unsure of its next move. The decreasing volume of activity during the bullish recovery, on the other hand, indicates a lack of commitment from buyers. As a result, if the market's selling pressure persists, the Ethereum price may experience another reversal from the resistance trendline.

A potential downturn could send the coin price back to the $1080 support level.

Buyers looking for an entry point, on the other hand, should wait for the price to break through the overhead resistance.

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