Crypto analysts are predicting a potential further downturn in the cryptocurrency market before any significant price increases. Several prominent figures have voiced concerns about the recent market activity.
More Downside Ahead?
Kaleo, a well-known crypto trader with a large following on X (formerly Twitter), believes Bitcoin and other cryptocurrencies could see lower prices before another significant rally. He suggests enjoying the current market calm, as the next upward movement is likely to be sharp and fast. He advises investors to plan accordingly.
Ethereum and Bitcoin Under Scrutiny
Other analysts share this bearish outlook. Justin Bennett points to Ethereum’s recent price action, highlighting resistance levels and suggesting a potential correction until early 2025. He notes that the recent “Christmas bounce” lacked volume and strength, indicating a possible continued downward trend. At the time of writing, Ethereum is trading at $3,367, down 2.8% in the last 24 hours.
Rekt Capital also expresses concern, suggesting Bitcoin’s recent rally might have been a temporary relief, with previous support levels now acting as resistance. Bitcoin is currently trading at $95,945, down 2.9% in the last 24 hours.
What This Means for Investors
These predictions highlight the potential for further market corrections. Investors are advised to proceed with caution and conduct thorough research before making any investment decisions. Remember, all investments carry risk, and any losses are the responsibility of the investor.
