Ether Could Run to $10,000 or Higher This Year on Numerous Catalysts: Bitwise
Bitcoin has already climbed to new all-time high while ether is lagging, but previous market cycles suggest change is coming.
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Bitcoin has already climbed to new all-time high while ether is lagging, but previous market cycles suggest change is coming.
Crypto markets slid as much as 10% in the past 24 hours, but have quickly been bought up by bulls.
Bitcoin’s price targets $70,000 in the short term and could reach a new all-time high as soon as this week, analysts said.
The “fear and greed” index reading is now at 87, a sign of “extreme greed.”
The funding rate spread has collapsed, indicating increased appetite by traders to speculate further out on the risk curve, one analyst said.
Ether is now the largest single asset held by institutions, with Bybit speculating that this may be because of an upward swing from the Dencun upgrade.
The amount of ether held on exchanges is at an all-time low of 11%, a sign that more of the cryptocurrency is being locked up for DeFi, the report said.
Bitcoin could target $58,000 after the breakout, Swissblock analysts suggested.
“Without a bounce from here, we could see a deeper correction begin, potentially as low as $47,000-$49,000,” one trader said.
Blast, in an X post, termed the project’s potential as “undeniable,” which may have created a sense of security among investors.