|

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

Author

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.

More from FXStreet Team
Share:

Editor's Picks

Ripple technical weakness persists as selling intensifies toward $1.00

Ripple grinds lower, trading around $1.10 at the time of writing on Wednesday. The sticky bearish outlook mirrors the broader crypto market, with major coins such as Bitcoin and Ethereum facing weak demand as investors de-risk.

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Major crypto assets trade under intense headwinds on Wednesday, as market participants navigate complex geopolitical and macroeconomic environments. Bitcoin has slipped toward $61,000 after its recent rebound was sold near $64,000, leaving buyers exhausted.

Bitcoin Price Forecast: Sticky inflation fears threaten deeper sell-off in BTC

Bitcoin extends its decline on Wednesday, trading below $61,500 at the time of writing as renewed US-Iran tensions keep the risk sentiment capped. In addition, persistent capital outflows from US-listed spot Exchange Traded Funds continue to fuel selling pressure on BTC.

Pi Network extends decline as CEX outflows fail to offset bearish pressure

Pi Network edges lower on Wednesday, extending its third consecutive day of losses. The technical outlook for PI is largely bearish, with a risk of a steeper correction below $0.1184.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.