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Crypto Market: Analyzing Price Drops of Bitcoin and Ethereum

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by Giorgi Kostiuk

4 hours ago

Prices for Bitcoin, Ethereum, Dogecoin, and Shiba Inu are trending down. Experts emphasize technical factors contributing to this process.

Current Price Changes in Cryptocurrencies

As of today, prices for Bitcoin and Ethereum have decreased, with Bitcoin down by 0.84% and Ethereum by 1.08%. These changes occur without significant new fundamental updates.

Technical Analysis and Patterns

Analysts have noted the formation of a descending broadening wedge for Bitcoin, historically linked to potential market accumulation. This trend indicates continued volatility but also suggests possible recovery based more on technical patterns than on current regulatory actions.

Expert Predictions and Opinions

Market analysis points to potential upward trends despite the current downtrend. Analysts like Mr. Wall Street predict Bitcoin could surpass $140,000, considering historical patterns and market liquidity.

A descending broadening wedge [is] forming between the $90,000 and $110,000 range on Bitcoin, a pattern historically associated with accumulation and eventual explosive upside.Mr. Wall Street

Financial strategists emphasize the importance of close observation of technical patterns in the cryptocurrency market. The situation remains volatile, and investors should consider potential corrections.

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