Bitcoin and Ethereum have both demonstrated significant gains recently, with Bitcoin aiming to reach its all-time high (ATH) once again. The recent developments have pushed Bitcoin above $70,000, influencing the entire altcoin market positively. BNB Coin, among the top altcoins by market cap, has also achieved a new ATH. Market analysts are now making predictions for the future of Bitcoin (BTC) and Ethereum (ETH).
What Are the Prospects for Bitcoin?
On June 4, Bitcoin (BTC) broke out of its symmetrical triangle formation, which had previously created an air of uncertainty. The 20-day exponential moving average (EMA) of $68,135 is on the rise, and the increasing Relative Strength Index (RSI) indicates a bullish trend. This positive outlook could trigger additional tests toward $73,777.
If Bitcoin’s price does not sharply decline at $73,777, it might pave the way for attempts at new peaks. Successfully closing above the current ATH could initiate a new upward move targeting $80,000 and $88,000.
How Is Ethereum Performing?
Ethereum (ETH) recently climbed to the $3,800 mark following signals of the latest ETF approval. Since then, it has been trading within a narrow range. The $3,730 support level appears solid, and the current BTC outlook remains favorable. The upper resistances might be tested once the ETF launch date is confirmed.
Should ETH’s price fall below the 20-day EMA of $3,652, it might signal a retreat by the bulls. A “sell-the-news” scenario could drive the price down to this level, and in more extensive sell-offs, a decline to the 50-day average ($3,310) and $2,850 is possible.
Key Insights and Implications
• Bitcoin’s breaking of the symmetrical triangle signals potential for new highs.
• Ethereum’s narrow trading range awaits ETF launch date for potential breakout.
• Strong spot Bitcoin ETF inflows indicate sustained investor interest.
• Key support and resistance levels could dictate future price movements.
If Ethereum’s rise continues directly or after a sell-the-news scenario, it may attempt to reach $4,100 and $4,868. Trading volumes are robust, and cash inflows into altcoins persist, indicating ongoing market confidence.