The crypto market struggle continues following the collapse of FTX, with contagion reaching DCG’s Genesis and Grayscale. Also, market-wide selloff due to Binance FUD and the hawkish U.S. Federal Reserve. While traders remain uncertain, Bitcoin and Ethereum now trade near the crucial support levels and risk heavy selloff.
Crypto Analyst Shares Bitcoin, Ethereum, Cardano, Chainlink Prices
Crypto analyst Rekt Capital in a series of tweets on December 19 shares his price prediction for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK).
In the weekly timeframe, Bitcoin has closed below $17,150 (blue), which is a monthly level. Moreover, $17,150 continues to act as the resistance level. In the monthly timeframe, BTC held the $17,150 level in November, but this could become a new resistance this month.
If Bitcoin continues to reject from $17,150, then the BTC price could fall up to 20% in the upcoming weeks. Bitcoin will move between the $13,900-$17,150 range.
However, Bitcoin still has time to perform a Monthly Close above the $17,150 level later this month, just like in November. A Monthly Close below $17,150 would confirm the start of a breakdown to $13,900.
Many crypto analysts have predicted that Bitcoin holding its support level is crucial for the altcoins rally. Altcoins would drop over 20% if Bitcoin fails to hold the level. The BTC price currently trades at $16,638.
Ethereum (ETH) has failed to reclaim the 3-month support of $1,300 in December, with the ETH price currently trading at $1,175. The 3-month support level is acting as a resistance now. If Ethereum closes this month below $1,300, then lower prices can be expected in the New Year.
Cardano (ADA) price has retraced 91% in the bear market. As there’s no major support below, more downside can be expected. Currently, the ADA price trades at $0.2605.
Chainlink (LINK) price consolidating within the $6.2-$7.7 range since May 2022. A monthly close below $6.2 confirms a fall below $5 in the New Year.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.