Bitcoin (BTC) price is attempting a rapid return to $57,500. Will it be permanent? Unknown, but this was predicted 50 minutes before the JOLTS data was released. What do three popular analysts say about the current market predictions?
Analyst Predictions
The new week did not start well, and the demoralizing historical performance of September was already preparing investors for such a scenario. Three popular analysts shared their evaluations of the markets in the last few hours. First up is Poppe, who expects ETH price to rise against BTC. ETH is still below the $2,500 support at the time of writing. "Ethereum and the markets are giving back their recent gains. However, ETH is still trying to hold at the support level, and if it surpasses 0.043, momentum may increase." (Poppe) Lark Davis advises staying away from the noise and not panicking, highlighting the negative flows of spot BTC ETFs last month. "Don’t get caught up in this noise. Last month, spot BTC ETFs generally experienced negative flows. This was a significant drop compared to March, when BTC prices were rising, and ETFs were booming. However, you shouldn’t be overly concerned about the impact of ETFs on the markets. Data shows that ETF volumes represent only 20% of the market. There are still many things happening beyond ETFs." (Lark Davis) The last analyst, The Moon Carl, believes that despite the recent correction, the technical formation he highlighted will eventually trigger an upward breakout. The target he pointed out in the chart and his analysis is $4,000. The ironic part is that despite BTC reaching ATH, ETH is still being discussed at $4,000 even with ETF approval.
Current State of Cryptocurrencies
BTC price experiencing a roughly $1,000 increase as expectations for a September rate cut climb to 50bp is positive. However, if we are talking about a real comeback, we cannot be sure without a weekly close above $61,700. Investors wearing out the sell button with every rise attempt shows that the short-term trading urge has reached a demoralizing point. Although most analysts are optimistic, we should not forget that September has brought new lows in crypto many times. Especially for altcoin investors, unnecessary appetite can lead to frustrating days.
While analysts share their insights, it is important to remain cautious about current market conditions. The situation remains uncertain, and investors are advised to make well-informed decisions.
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