Crypto: Are you bored? Good news, which will soon change: here are the Bitcoin and Ethereum price predictions according to experts.

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Bitcoin and Ethereum have been boring lately.

Considering that daily fluctuations of 15% are the norm in the cryptocurrency market, prices have not moved much in recent days, with bitcoin holding steady near the $ 19,000- $ 20,000 range and Ethereum fluctuating around $. 1.100. See also: Tezos prepares its One of One event dedicated to NFTs. The two largest cryptocurrencies appear to be walking on water around their current price levels, with no clear direction in sight.

“At this point, $ 19,000 to $ 20,000 is simply above the highs of the last big bull market of 2017,” says Stéphane Ouellette, CFA and founder of FRNT Financial, an investor-focused institutional capital markets and advisory platform. In other words, it is difficult to predict what will happen next and when. “The curves of bitcoin and ethereum futures are completely flat, which implies that the market is also completely uncertain about the future direction,” he says.

However, the cryptocurrency market remains under severe pressure, with the looming possibility of another withdrawal. Bitcoin’s decline in the coming weeks or months will hinge on “whether the stock market has bottomed out and none of the major cryptocurrency companies go into liquidation,” according to Edward Moya, senior market analyst at OANDA, a brokerage firm.

“A plethora of bearish crypto stocks continue to drive bitcoin to the downside, below key technical levels. It will take some time to improve sentiment, especially after many of the first cryptocurrency deals have collapsed, “says Moya, referring to the cryptocurrency exchange eToro which has abandoned a deal to conclude. stock Exchange via a SPAC merger, as many struggling companies like BlockFi and Voyager scramble to find deals to stay afloat.

What is happening with cryptocurrency prices and what does this mean for investors?

Bitcoin rose nearly 2.5% in the past 24 hours on Wednesday, trading close to $ 20,000. The price of Ethereum has held close to $ 1,100, up 3% over the past 24 hours. Read also: ALGO is preparing a bullish reversal and aims to expand the derivatives market.. Although the two largest cryptocurrencies have seen a small rebound in the last day, experts say we are not out of the danger zone yet.

Bitcoin and Ethereum have lost more than two-thirds of their value since last November and experts predict that prices of crypto-currencies could drop further now that the price of bitcoin has dropped several times below $ 20,000 in the past few weeks. Additionally, investors still feel uncertainty about current economic conditions such as runaway inflation, a potential US recession, rising interest rates, and a shaky stock market.

“Bitcoin is stuck in its current trading range due to ‘nervousness’ among market participants,” says Joshua Fernando, CEO of eCarbon. “Over the past few months they have seen wild swings that have devastated the market, so it is reasonable that they are now trading cautiously. “

Martin Hiesboeck, head of blockchain and cryptocurrency research at Uphold, believes that bitcoin is not moving much below or above the $ 20,000 level due to the “lack of stimulus”.

“There is no doubt that the market expects macro news and less geopolitical tensions: the war in Ukraine, the specter of inflation and a possible recession are by far the biggest concerns,” he said.

So what should cryptocurrency investors do in light of this situation? Nothing, according to experts. If you have invested in cryptocurrencies for the long term using a buy and hold strategy, you can expect price fluctuations and large dips are nothing to worry about too much.

Experts recommend limiting your cryptocurrency investments to less than 5% of your portfolio, as long as your cryptocurrency investments don’t stand in the way of your other financial goals. Before investing in cryptocurrencies, always prioritize saving for emergencies, paying off high-interest debt, and contributing to a traditional retirement plan. If you are in a good financial position and ready to enter the market, experts say now may be a good time to buy bitcoin or ethereum while prices are low, bearing in mind that prices may drop further.

Perhaps, like stocks, investors have gotten carried away by the frenzy of 2021 and are sitting on the sidelines waiting for signs that the balance has been restored and the bull market is back in motion, “says Fernando.

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Be vigilant and consult your financial advisor before making any investment decisions. Mirror-Mag cannot be held responsible in case of bad investments. Before using any third party service, you should do your research.

Thomas E.
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