In the world of cryptocurrencies, all eyes are on Bitcoin and Ethereum as investors anticipate the next move in their price action. After a recent rally in the midst of the bear market, which ultimately lost its bullish momentum earlier this month, there’s a prevailing expectation among most investors that both Bitcoin and Ethereum prices could soon take a bearish turn over the upcoming weeks.
However, it’s important to note that the decrease in transaction volume on the Bitcoin network, as revealed by on-chain analysis, should be approached cautiously. While reduced network activity might trigger fear, uncertainty, and doubt (FUD) among traders, it doesn’t necessarily guarantee a negative market outlook.
Evaluating the Experts’ Perspectives on Bitcoin and Ethereum Market Trends
According to a comprehensive market report from Santiment, a reputable on-chain intelligence platform, Ethereum’s price trajectory appears to be heading downward in the foreseeable weeks, despite notable advancements in network development. The analysis conducted by Santiment highlights a trend of Ethereum whales and sharks engaging in substantial selling activities since the price of Ether surged above $2,000 following the Shanghai upgrade earlier this year.
Consequently, the analysts at Santiment are of the opinion that Ethereum’s price is likely to maintain its bearish momentum, potentially reaching a critical psychological support level at approximately $1,500. It’s worth noting that this analysis also underscores the anticipation of a surge in Ethereum’s trading volume once the asset reaches the $1,500 mark. This projected increase in trading activity is expected to occur as investors seek to enter the market at lower price points.
Insights into Bitcoin’s Price Outlook
A prominent crypto analyst known as Captain Faibik has shared insights regarding Bitcoin’s price outlook. By closely observing the 4-hour time frame, the analyst has identified the formation of a bearish pennant pattern. This technical pattern suggests a potential continuation of the downward trajectory in Bitcoin’s price over the upcoming weeks. Captain Faibik has set a target price for Bitcoin at approximately $24,500, and this projection is anticipated to materialize prior to the end of September.
