The overall crypto market cap is now maintaining its range above $1 trillion, and the majority of the cryptocurrency assets seem to be thriving.
The Bitcoin price, which was earlier struggling around $23,000, has reclaimed the $24,000 level and might close the weekend on a bullish note.
However, the latest analysis has a different prediction. As per reports, Bitcoin (BTC) could find its bottom around $20,000.
Capo, a popular crypto analyst took to Twitter saying “one last high to right early shorts.” Another trader named Jibon had a similar warning, as he advised his followers to wait and buy at a higher price (once the trend is confirmed) and to refrain from trading at the spot price.
If you see my tweet and buy $BTC at 18-19K, then you are in 30% profit (without leverage).
Honestly saying, Right now, I don’t feel Safe. I will buy higher. $BTC $ETH $SPX $NASDAQ
— Trader_J (@Trader_Jibon) August 12, 2022
On the flip side, Credible Crypto has a bullish approach stating that the Bitcoin price remains bullish until and unless the price loses the $20,700 range.
Relief went a big higher than expected but looks like a liq grab of local highs and still think a move down to green before continuation to 28k+ makes most sense. Cleaned up the chart a bit to make things more clear. Invalidation at 20.7k until then bullish af on any dips. $BTC https://t.co/aBxtO4UsyJ pic.twitter.com/gFgHgYaYRf
— CrediBULL Crypto (@CredibleCrypto) August 12, 2022
Ethereum’s Market Cap Surges By 20%
Meanwhile, the lead altcoin, Ethereum, is leading the crypto market after the currency saw a splendid surge to reach levels near $2,000. At the time of reporting, Ethereum has slightly plunged and is trading at $1,974, with a surge of 5.11% over the last 24hrs.
Since May 23, this is one of the best Ethereum price actions registered as the currency touched $2,020.
An on-chain analyst, Material Scientist, noted that Ethereum’s crypto market cap has surpassed 20% while Bitcoin’s has plunged by 40%.