Bitcoin (BTC) price has been moving sideways for the second week in a row. Meanwhile, an analyst Solana shared his predictions for Ethereum and Bitcoin. Here are the details…
Analyst Solana drew attention to BTC and ETH
Considering all the price drops, is it still an ideal time to hoard Bitcoin? Historically ideal times to buy long-term BTC positions were noted by a cryptocurrency analyst on Twitter. User MCP says, “November 2022 – May 2023, which is 12-15 months before the Bitcoin halving and 12-15 months after the previous record (ATH), is important.” These dates are the best times to accumulate Bitcoin in the long run. The analyst explained the bottom targets and average fill prices for the three cryptocurrencies as follows:
- Bitcoin: $12,000-14,000 / $14,200-16,500
- Ethereum: $480-580 / $635-775
- Solana: $12-18 / $20-26
At the time of writing, Bitcoin is changing hands at $19,192, up 0.5 percent. That is, about $5,000 above the levels MCP is aiming for. Ethereum is changing hands at $1,295, up 0.4 percent, and Solana, down 0.12 percent, at $32.38. It should be noted that in general, the expectations of the user are quite low. For this reason, we would like to remind you that this is only a guess and that the markets do not necessarily behave like this. Every investor should make his investment in line with his own research.
Is Bitcoin in its worst year?
One of the worst years for cryptocurrency was 2022. As we reported on Kriptokoin.com, investors experienced steep price drops from record levels. Yesterday, Bitcoin once again tried to surpass $20,000, but was stalled as earlier this week. Then it went down. Mid-cap cryptocurrencies have made some gains. On the other hand, most altcoins with larger market caps are a bit in the red right now.
With the risks hanging in the cryptocurrency market, the Bitcoin price seems unsure how to act for now. The lack of tracking of the increases indicates that traders are not very confident about the recovery. In addition, macroeconomic developments and various metrics affect the markets. For example, developments such as the US Federal Reserve’s (FED) statements and interest rate hikes affect the markets. Apart from that, metrics such as on-chain metrics, return of miners, percentage of investors in loss, MVRV rate are likely to be important in price.