May 31, 2024

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What will Bitcoin and altcoin prices do?  BTC and ETH analysis

What will Bitcoin and altcoin prices do? BTC and ETH analysis

Yesterday I talked about a possible one Bitcoin (btc) Bull trap It seems to be unfolding. This means that we may have already reached initial targets, somewhere between $58,000 and $60,000. But we could also go for $50,000 to $52,000. We also saw an incident with Iran, where they launched drones and missiles towards Israel. Although this caused some panic in encryptionThe market, I see, is more than that Pre-halving decline.

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Crypto market is in red

Altcoins have dropped significantly into the red, but as always: “Be fearful when others are greedy, and be greedy when others are fearful.” So this might be a good time to pick up some altcoin projects you missed.

If we look at Heat maps, we see strong liquidity between $53,000 and $57,500, and also between $50,000 and $52,000. These are potential goals for us. I'm definitely considering buying more, especially around $50,000. On the 1-month heatmap, we see liquidity around $53,000, which could be a good target after a correction.

Traditional markets, such as the S&P 500, do not look very positive for Bitcoin. The RSI is high, and we see a potential decline on lower time frames. On the other hand, the dollar index seems to be getting stronger, which could also be negative for risky assets like Bitcoin.

Bitcoin analysis

On the Bitcoin futures chart, we see a Shooting Star candle, indicating further downward pressure. We could close the gap by about $58,000. The Bitstamp chart also looks weak, with potential targets between $48,000 and $52,000.

Longer term, I would remain bullish on Bitcoin, with initial targets between $100,000 and $122,000. It is important to monitor Bitcoin dominance as it may rise, which could indicate greater confidence in Bitcoin versus altcoins.

In short, I expect more downward movement in the coming days, but this could be a buying opportunity. Note that $50,000 is an important level. We also look Ethereum (ETH), where a potential decline towards $2,500 could occur.

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