- Bitcoin resolution nears as BTC trades within a compression triangle.
- Both BTC and ETH prices are expected to rally soon.
- ETH could surge to a new ATH price at the $5,000 price level.
The crypto market is still in a downtrend as both Bitcoin and Ethereum prices are on the decline. Presently, the crypto community is split between expecting bullish vs bearish outcomes for crypto prices and debating if September will close in red or green. One analyst says that the Bitcoin resolution nears as BTC trades within a compression triangle, while another states that an ETH rally will follow soon.
Bitcoin Resolution Nears as BTC Trades Within a Compression Triangle
The crypto price action of the last few days has resulted in a challenging week for the pioneer crypto and pioneer altcoin assets. In detail, these asset prices fell drastically twice, pulling the price of BTC to $114,000 and now to the $111,000 price range. At the same time, the price of ETH is dangerously close to falling below the $4,000 price range. While some expect even lower price targets for BTC and ETH, others expect a recovery.
The sentiment at the moment is between the possibility of September closing in its usual bearish red as it often does, or if it can close in a rare bullish green like it has a few times before. Based on the bearish expectations, the price of Bitcoin (BTC) could sink as low as the $90,000 price range to close a CME Gap, while the price of ETH could fall as low as $3,500, before a rally can occur.
On the bullish front, many analysts believe that market manipulation is at play at the moment to liquidate at the $106,00 to $108,000 price range, where billions in long orders are presently sitting. Once this is wiped out, a steady upward movement can take over the crypto market, pulling not only Bitcoin and Ethereum prices up, but altcoin prices as well, hinting at the arrival of the long-awaited altseason bullish phase.
As we can see from the post above, this analyst believes that a steady Bitcoin resolution is in the works. The image goes on to show how Bitcoin (BTC) is currently trading within a compression triangle with volatility drying up. This observation leads to several responses from the crypto community, marking the inevitable arrival of a highly bullish Q4 starting with Uptober and Funtober, both words expressing a bullish surge in the month of October.
Ethereum (ETH) Rally to Follow
The analyst in the post above believes the same Q4 pump will play out for the price of Ethereum (ETH) as well. Despite the price of ETH dipping just before the $4,000 price range, this analyst believes that even the bulls would be surprised to see this hold and rally. This is because he believes the current dip is a very good fakeout that most will be surprised to see the price of ETH hit the $5,000 bullish ATH target .