The crypto markets have rebounded and hence the prices of the majority of the assets also have raised notably. Meanwhile, the weekend is fast approaching which is believed to have a major impact on the crypto prices and mainly the global crypto market cap. The market cap which has just flashed a massive bullish signal is believed to rise beyond the crucial resistance and mark new highs for 2023.
During the past week, the crypto markets and Bitcoin not only withstood huge turmoil within the traditional financial space but also got benefitted. The BTC price soared beyond $26,000 which elevated the market cap from $930 billion to $1.12 trillion in just a few days. Although the crypto markets have also experienced a notable pullback, the trend remains bullish in the weekly time frame.
Therefore, one of the popular analysts, Alan Santana believes that the crypto space may encounter an epic week ahead that may begin this weekend.
The above chart displays the crypto global market cap which has just rebounded and raised above the descending trend line. Presently, the market cap is testing the crucial levels and hence a breakout appears to be imminent. Mainly, the RSI which maintained its trend along the lower support until the end of 2022, amplified since the beginning of the year and surged above the average levels.
Moreover, the levels have displayed a bullish divergence which flashes bullish signals for the upcoming week. Meanwhile, the MACD may soon turn bearish, but the volume continues to remain within the bullish regions. Therefore, the upcoming weekend may turn the tables for the entire crypto space and rise the market cap beyond $1.4 trillion in the coming week.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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The cryptocurrency market is volatile, and trends can change at any given moment. As such, it is important to stay informed of the latest news and predictions surrounding cryptocurrencies. In this article, we will explore some of the top predictions for the weekend, as well as potential prices for Bitcoin (BTC) and Ethereum (ETH).
Experts predict that BTC may see some bearish price action in the coming days, which could result in a 5-10% price decrease from current levels. This bearish sentiment is due to a lack of significant catalysts and the continued dominance of the US dollar. Despite this, traders remain hopeful that a bullish reversal may take place following the weeks of consolidation.
Meanwhile, ETH may experience some positive price action this weekend. Analysts predict that ETH may move higher, after a recent spike in activity on the Ethereum blockchain. Traders will be watching for price action around the $460 support level, as ETH looks to break free from the short-term bearish momentum. Furthermore, ETH has been seeing increased interest from institutional investors, which could result in increased demand in the near-term.
Overall, the cryptocurrency market continues to be unpredictable and volatile. As such, investors should do their own research and identify potential trading opportunities as they develop. Keeping up with the latest news, trends, and predictions can help guide traders in making informed decisions.
To conclude, this weekend may present some interesting opportunities for investors. Furthermore, BTC and ETH may experience some bearish and bullish price action, respectively, as the markets continue to search for direction. With so many factors at play, it is important to remain vigilant and watch for any significant market developments.
