Recently, Bitcoin and Ethereum have captured investors' attention once again. An analysis of current prices and forecasts provides insight into potential market direction.
Bitcoin Price Fluctuations
Bitcoin (BTC) has generally traded below $120,000 since its all-time high (ATH) surpassed $123,000 on July 14. However, the cryptocurrency briefly exceeded the $122,000 mark recently, coming close to its previous ATH.
Projections and Technical Analysis
FxPro senior analyst Alex Kuptsikevich stated that Bitcoin has broken through the $120,000 technical barrier, increasing its potential for further upside. He indicated the nearest price target for BTC is currently between $135,000 and $138,000.
> “Bitcoin has already broken through the $120,000 technical barrier. The current potential nearest target price is between $135,000 and $138,000.”
Additionally, Bitfinex analysts noted that while Bitcoin has started to rise, its price is dependent on important economic data such as the US Consumer Price Index (CPI) set to be released this week. They suggested that CPI data exceeding expectations could trigger renewed selling pressure.
Ethereum Situation
In his analysis, Alex Kuptsikevich also provided a positive outlook for Ethereum (ETH), suggesting it could potentially surpass its all-time high price of $4,891 reached in November 2021.
> “Ethereum's price is up more than 21% in the last 7 days and 45% in the last 30 days. On-chain transaction volume and address growth rate are also approaching all-time highs.”
The analysis of current prices for Bitcoin and Ethereum shows potential for further growth, yet there remains a dependency on macroeconomic factors. Investors are awaiting the release of CPI data that could significantly influence market directions.
