Bitcoin Dips Below $106K; Analyst Predicts Ether Will Break Out Soon
Despite the recent drop, Bitcoin has maintained its position above the crucial $100,000 mark for 20 days, signaling positive momentum, according to an analyst from LMAX Group.
Bitcoin Dips Below $106K; Analyst Predicts Ether Will Break Out Soon
Despite the recent drop, Bitcoin has maintained its position above the crucial $100,000 mark for 20 days, signaling positive momentum, according to an analyst from LMAX Group.
Highlights:
- Bitcoin’s price briefly fell to its lowest in nine days, trading under $106,000, while ETH and XRP showed stronger performance despite a general market decline.
- The re-emergence of tariff uncertainty has been influenced by a U.S. court reinstating certain trade barriers, potentially affecting investor mood.
- Analysts speculate that Ethereum’s ETH could be on the verge of breaking above the $3,000 threshold.
Bitcoin BTC recorded a low of $105,750 during its session but managed to recover back above the $106,000 mark. It has fallen 1.5% in the last 24 hours, yet remains within 5% of its all-time highs.
The CoinDesk 20 index, representing the top cryptocurrencies excluding exchange coins and stablecoins, declined by 0.9% in the last day. SOL and AVAX lagged behind Bitcoin with losses of 1.8% and 2%, respectively, while ETH and XRP bucked the trend with gains between 1% and 2%.
Traditional stock markets showed a downward trend as equities adjusted following the court’s decision related to tariffs, creating further investor uncertainty.
LMAX’s Joel Kruger anticipates ongoing volatility as tariff discussions regain focus but maintains a bullish outlook for digital assets. He mentioned:
“Bitcoin remains robust in the latter half of the week, consolidating just below its recent peak while steadfastly holding above $100,000 for 20 consecutive days, underscoring persistent bullish momentum.”
Ethereum’s Potential for a Breakout Kruger highlighted that ETH appears to be reversing its long-term downtrend against Bitcoin, especially as corporate interest surges, exemplified by SharpLink Gaming’s recent $425 million fundraising.
Arthur Aziz of B2 Ventures noted the potential for Ethereum to rally but cautioned about inherent risks, observing:
“The stage for a future $3,000 level breakout is being set right now. However, excessive leverage in futures markets may lead to a sharp downside if critical support levels falter.”
