Observing analysts believe investors have one last chance to accumulate Bitcoin (BTC) and Ethereum (ETH) at lower levels before the market enters its next bull phase.
Mr. Rager, a pseudonymous analyst, told his 199,300 followers on social media platform X: maintain Some capital is on the sidelines in anticipation of further backlash.
According to Rager, Bitcoin and Ethereum are look Fix around the April halving when BTC miners' rewards will be halved.
“Hold a spot position and wait for a pullback in BTC and ETH in the coming months to buy near the halving.
That will be the last great opportunity for this cycle. ”
Taking a closer look at Bitcoin, Rager believes Bitcoin is poised for a short-term decline. According to the analyst, his expected retracement will set the stage for Bitcoin to rise above $60,000.
“The uptrend from the bottom primarily consists of several days of strong price action, followed by many declines and pullbacks.
The period of continuous rise without significant declines was from October to January, which saw the approval of the BTC Spot ETF (Exchange Traded Fund). [being] Front run.
Bitcoin and the market in general have many upside opportunities, but a short-term pullback is possible. After a pullback and people turning bearish, it is likely to turn higher again and break above $60,000 for the first time since 2021. ”
At the time of this writing, Bitcoin is trading at $51,683.
When it comes to Ethereum, Rager believes the top smart contract platform’s native asset is poised for further upside.
“The question now is how long can ETH stay above $3,000?
The target for this rally is still $3,500, and with the ETH Spot ETF story, I think we can reach this sooner rather than later. ”
At the time of writing, ETH is worth $3,031.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/TadashiArt
