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Cryptocurrencies Price Prediction: Bitcoin, Ethereum and Ethereum Classic – European Wrap 6 September

Bitcoin price could revisit $22,000 if this mean reversion play pans out

Bitcoin price has been in a consolidation range for the last nine days and shows no signs of breaking lower or higher. However, the general outlook for BTC is that it needs to collect liquidity before attempting a recovery rally. 

BTC/USDT 1-day chart 

Ethereum Price Prediction: With a 6% move, ETH price eyes $2,000 before the Merge

Ethereum price has formed three bullish daily candles, affirming its micro position before the Merge occurs. The second-largest cryptocurrency toppled from highs marginally above $2,000 around mid-August. Declines were unstoppable until Ether price slowed at $1,427. Although a full recovery remained elusive, ETH is now almost brushing shoulders with $1,700 while bulls push for gains beyond $2,000.

ETHUSD price chart

Ethereum Classic flies on the back of bigger brother ETH

Ethereum Classic (ETC) price action printed a staggering 22% uptick on Monday as ETC price got a lift from its bigger brother ETH price, as all Ethereum-derived currencies enjoyed a boost in morale ahead of the network upgrade tonight. The stakes are high for ETH to get this right, as previous examples from other cryptocurrencies like Bitcoin show it can turn into a PR nightmare,  with a subsequent price implosion. Although this is not forecast for this evening, traders still need to pay close attention, as the correlation with global markets could find its limit and possibly reverse once high technical levels are hit.

ETC/USD Daily chart

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.