Investors express interest in upcoming cryptocurrency milestones as analysts predict a sustained upward trajectory for Bitcoin and Ethereum. The established records in 2023 indicate a burgeoning sense of optimism in the market. With Bitcoin and Ethereum achieving new highs, the crypto community eagerly awaits the establishment of fresh benchmarks. Notably, insights from analysts Ali Martinez and Alex Thorn affirm expectations for the ongoing upward momentum in both Bitcoin and Ethereum.
Bitcoin and Ethereum Hit New All-Time Highs in 2023
The week commenced with notable gains for Bitcoin and Ethereum, setting fresh records for 2023. Bitcoin surged to $40,884, and as of the current writing, it is actively traded at $40,736, reflecting a 1.87% increase.
Ethereum, too, reached a new high for 2023, reaching $2,228. Following a minor retracement, Ethereum is currently traded at $2,216 as of the present moment.
The Bitcoin Forecast by Alex Thorn
Alex Thorn notes a surge in investor activity within Bitcoin, particularly at the $40,000 mark, signaling an anticipation of an upcoming rise. This is indicative of an accumulation phase, highlighting a strategic positioning by market participants who foresee a potential shift in momentum.
As selling pressure wanes around the $40,000 level, Thorn predicts a potential upward movement in Bitcoin’s price, identifying the next resistance levels at $42,000 and $46,000. The analyst’s forecast underscores current market dynamics supporting an upward trend, with investors eyeing key resistance levels as potential targets for Bitcoin’s ensuing price movement.
Ali Martinez’s Forecast for Ethereum
The existing Ethereum price, surpassing $2,000, presents a potentially advantageous buying prospect, backed by data revealing a substantial acquisition of tokens within this range. Analyst Ali Martinez points out that data from intotheblock indicates that 5,850,000 wallets collectively possess 43,800,000 ETH acquired at prices ranging between $1,900 and $2,100.
Ali Martinez observes that this accumulation signifies a notable degree of investor interest and dedication at these price levels, potentially establishing a robust support base for Ethereum in the foreseeable future. Given this insight, historical data indicates a sturdy foundation and potential resilience around the $2,000 mark, implying that it might still be a viable time for investors to contemplate entering the Ethereum market.