- Bitcoin could fall as low as $88,000 in the coming days.
- This could mark the fear peak state of the current bull run.
- Once the price of BTC bottoms, it will move to hit higher ATH prices.
The crypto bull cycle is expected to have triggered its end with a silent cycle top price from BTC and ETH. In contrast, a few analysts disagree with the possibility that the bear market has begun and believe that altseason is yet to make its debut this bull cycle. With altseason sentiments still high on bullish as ETH follows 5 wave price action, analysts believe ETH will surge to new ATH prices between $7,000 and $8,000.
Altseason Sentiments Still High on Bullish
The crypto market experienced a brutal market correction following Bitcoin’s latest ATH price in the $126,000 price range two weeks ago. Right after this ATH was set, when sentiments for a much larger run were expected, the price of BTC fell from $121,000 to $104,000 within an hour, leading to the largest single-day market liquidation in crypto history. So, with one move all leverages and longs were wiped out, along with $3 billion in shorts.
In total, almost $20 billion was liquidated from the crypto market in one fell swoop. Since then, analysts have been hoping to see a turnaround in crypto prices, but have only seen a majority of signs pointing towards bearish dumps ahead, at least for Bitcoin (BTC). Altcoins, on the other hand, continue to show steady signs of expected pumps to new ATH prices. While some believe BTC falling will lead to altseaosn getting cancelled, some disagree.
At the moment, nearly all altcoins are yet to recover the prices at which they were trading before the $20 billion liquidation event. Now, analysts expect the price of altcoins to not only recover these prices but to set much higher ATH prices in the coming weeks and months ahead. Some analysts expect another drop before higher prices can be hit, as many support lines have turned into resistance.
ETH Follows 5 Wave Price Action Suggesting $8,000 ATH
In particular to Ethereum (ETH), analysts want to see this pioneer altcoin asset pump first so other altcoins can follow its lead. So far, ETH has only set one new ATH this bull cycle and is showing strong indicators that point to parabolic pumps in the coming days ahead. At the moment, predictions for ETH to pump and hit higher targets place these targets between $6,500 to as high as $8,000 for the first pump.
As the analyst in the post above explains, ETH is following the 5 waves price action. Which means, the corrective waves (2 and 4) for ETH appear to be complete, and each wave is currently showing a similar price action pattern. Thus, if this Elliott Wave structure plays out, the next move should be an impulsive Wave 5, potentially pushing ETH toward the $7,000 – $8,000 price range.
