Last Chance to Buy Bitcoin and Ethereum is Nearing, According to Crypto Expert
A reputable analyst suggests that investors may soon have an opportunity to acquire Bitcoin (BTC) and Ethereum (ETH) at lower prices before the next bullish phase in the markets.
Known as Rager, the analyst shared his insights, indicating a strategy of keeping some funds aside in anticipation of a potential market dip.
Rager predicts a possible correction around the time of the April halving, a significant event where the rewards for BTC miners are halved. He advises holding positions and waiting for a potential pullback in BTC and ETH prices in the coming months, particularly around the halving period, which he views as a prime buying opportunity within this market cycle.
Regarding Bitcoin, Rager suggests that a temporary pullback may be imminent, setting the stage for a rally beyond the $60,000 mark. He notes that the recent uptrend has been characterized by intermittent strong price movements followed by periods of consolidation and minor retracements.
Rager highlights the period from October to January, where sustained upward momentum coincided with anticipation surrounding the potential approval of a BTC spot ETF.
The uptrend from the bottom has been primarily composed of a few days of strong price action followed by a lot of chop and pullbacks
The one time period with sustain grinding up without substantial pullback was from Oct to Jan where we saw the BTC spot ETF approval be front run… pic.twitter.com/GqQlXY1cTX
— Rager (@Rager) February 23, 2024
He suggests that while short-term pullbacks are possible, the overall outlook for Bitcoin remains positive, with potential for further upside once sentiment shifts following a pullback.
READ MORE: Blockchain Investment Hits $90 Billion Milestone
In the case of Ethereum, Rager believes that the native cryptocurrency of the leading smart contract platform is positioned for further gains.
He questions the sustainability of Ethereum’s price above $3,000 but maintains a target of $3,500 for the current upward movement.
Question is how long can $ETH stay above $3000 this time
Target remains $3500 for this run up, and with the ETH spot ETF talk think we can hit this sooner rather than later pic.twitter.com/cIs2gsGOAd
— Rager (@Rager) February 22, 2024
Additionally, Rager speculates that discussions surrounding an ETH spot ETF could expedite Ethereum’s price appreciation towards the aforementioned target.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
