Bitcoin and Ethereum Consolidate As Dogecoin Sees Uptrend Slide
Bitcoin (BTC/USD) was consolidating during Friday’s trading session, reaching a high of $52,890. This level marked a milestone for the apex cryptocurrency, as it hadn’t traded at this value since Nov. 10, 2021. Ethereum (ETH/USD) followed Bitcoin into consolidation, trading near its 19-month high of $2,868.68, printed on Thursday. Meanwhile, Dogecoin (DOGE/USD) remained in a horizontal pattern after hitting a high of $0.088 on the same day.
Expert Predictions and Bullish Trends
Despite Bitcoin showing technical indicators that the local top may have occurred, Morgan Creek CEO Mark Yusko predicted the cryptocurrency to reach approximately $150,000 after the next Bitcoin halving in April. According to Yusko, the current bull run is “just getting started.” Such predictions could significantly impact the cryptocurrency market, compelling investors to stay ahead of potential uptrends. Additionally, the Grayscale Bitcoin Trust ETF (GBTC) – the first spot Bitcoin ETF approved last month – has surged approximately 33% since Jan. 23 and is likely to continue its upward trajectory alongside Bitcoin.
Bitcoin and Ethereum Charts
Bitcoin and Ethereum appear to be working to print bull flag patterns, with their poles formed from Feb. 6 to Thursday, and the flags beginning to form on Friday. If these cryptos break up from the pattern on higher-than-average volume, the measured move is about 24% for Bitcoin and Ethereum. This suggests they could rise toward the $64,100 and $3,249 mark, respectively. The consolidation within flag formations over the weekend could assist the cryptos in dropping their relative strength index levels back under the 70% mark, providing more room for growth.
Dogecoin’s Trading Patterns
Dogecoin was holding above support at the eight-day EMA and the 50-day simple moving average (SMA) on Thursday and Friday, attempting to print two back-to-back doji candlesticks. These indicate the battle between bulls and bears for control. Bulls want to see big bullish volume break Dogecoin above Thursday’s high-of-day to confirm the uptrend, while bears want to see big bearish volume push Dogecoin under the 50-day SMA, potentially testing the 200-day SMA.
Overall, the cryptocurrency market remains rife with potential price movements, upending expectations of investors everywhere. The intricacies of the crypto world offer an array of options for market analysis, and the opportunities for capitalizing on evolving trends continue to evolve.
