Bitcoin and Ethereum Price Outlook BTC Rises 2% and ETH Surpasses $2,300
Discover the Most Recent Bitcoin and Ethereum Price Forecasts Amidst Changes in US Labor Market and Legislative Developments, Marking a Critical Moment for Cryptocurrency Enthusiasts.
# Bitcoin and Ethereum Price Prediction: A Closer Look
Last updated: February 1, 2024 23:04 EST | 3 min read
In the realm of cryptocurrency, Bitcoin and Ethereum price prediction remains a focal point for investors. Bitcoin, despite facing a potential sell-off following the release of solid NFP and unemployment rate data, has managed to hold its ground near the $43,000 mark.
Initially dipping to the $42,500 area, BTC has since rebounded, marking a spike of over 2% from Thursday’s low, indicative of a bullish sentiment among traders.
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Ethereum, paralleling Bitcoin’s resilience, continues to stabilize near the $2,300 threshold, further emphasizing the optimistic outlook within the crypto market.
What Can We Expect From the Bitcoin Halving?
With the Bitcoin halving event approaching in less than 75 days, expectations for its market impact are high.
Historical data indicates a possible dip post-halving but followed by significant rallies within 12 to 18 months.
Based on past cycles after the 2012, 2016, and 2020 halvings, Bitcoin saw substantial increases. If these patterns hold, Bitcoin could see a short-term correction post-April 2024 halving, aiming for a peak between April and October 2025.
US Labor Market Strengthens, Impact on Bitcoin and Ethereum Price
Recent US labor market data reveals a robust employment scenario, with Non-Farm Employment Change exceeding expectations at 353K jobs added, surpassing the forecasted 187K.
This strength in the job market, coupled with a steady unemployment rate of 3.7%, signals a resilient economy.
However, this positive economic data has bolstered the dollar, exerting downward pressure on Bitcoin and Ethereum prices.
A stronger dollar often diverts investment away from cryptocurrencies, potentially affecting their market value.
Legislative Effort Against SEC Rule Boosts Bitcoin Prospects
A legislative push led by North Carolina Representative Wiley Nickel, with support from Senator Cynthia Lummis and Representative Mike Flood, aims to challenge a SEC directive (SAB 121), which mandates banks to include customer crypto assets on their balance sheets.
Overturning this rule could simplify the process for institutions to embrace Bitcoin and other cryptocurrencies.
This move, endorsed by the Chamber of Digital Commerce, is viewed as a step towards ensuring the SEC remains within its regulatory boundaries, potentially encouraging greater institutional engagement with digital assets.
Thereby, repealing SAB 121 is seen as a positive step to boost institutional adoption of cryptocurrencies.
Bitcoin Price Prediction
Bitcoin (BTC/USD)’s pivot point is set at $42,940, with key resistance levels identified at $43,844, $44,585, and $45,558, which could cap upward movements.
Conversely, immediate support is found at $42,336, with subsequent levels at $41,876 and $40,918, indicating potential floors in case of a downturn.
Technical indicators, such as the Relative Strength Index (RSI) standing at 56 and the 50-day Exponential Moving Average (EMA) at 42,915, underscore a potential buying trend above the $42,850 level.
This technical setup suggests that Bitcoin is currently positioned for bullish momentum, provided it remains above this crucial support level.
Ethereum Price Prediction
Ethereum (ETH/USD) is navigating a critical phase, trading around $2,298 in the latest session. Key resistance levels are set at $2,338.10, $2,375.60, and $2,414.30, providing clear targets for upward price action.
Conversely, Ethereum finds immediate support at $2,249.20, with further cushions at $2,205.70 and $2,171.70, marking crucial junctures for potential pullbacks.
Technical indicators bolster the optimistic outlook, with the Relative Strength Index (RSI) at 55 and the 50-day Exponential Moving Average (EMA) at $2,306.10, both signaling a favorable buying trend above the $2,300 threshold.
In summary, Ethereum’s technical analysis suggests a bullish trend as long as it sustains above the $2,300 mark, indicating potential for further gains in the near term.
Top 15 Cryptocurrencies to Watch in 2023
Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Blocking.net, ensuring expert advice and critical insights for your cryptocurrency investments.
Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
Q&A
Q: What can we expect from the Bitcoin halving?
A: The Bitcoin halving event has historically been followed by significant rallies within 12 to 18 months. While a short-term correction post-halving is possible, Bitcoin could aim for a peak between April and October in the year following the halving.
Q: How does the US labor market affect Bitcoin and Ethereum prices?
A: Positive economic data, like a robust job market and steady unemployment rate, strengthens the US dollar, putting downward pressure on Bitcoin and Ethereum prices. A stronger dollar often diverts investment away from cryptocurrencies.
Q: What legislative effort is boosting Bitcoin prospects?
A: A legislative push is challenging a SEC directive (SAB 121), which mandates banks to include customer crypto assets on their balance sheets. Overturning this rule could simplify the process for institutions to embrace Bitcoin and other cryptocurrencies, potentially boosting institutional adoption.
References:
- Bitcoin Halving Hopium Study Reveals 84% of Investors Expect New All-Time Highs: Link
- US Added 353K Jobs in January, Blowing Past Estimates: Link
- Long Crypto Traders See $190M Losses as Bitcoin Retreats on Apparent Mt.Gox Repayments: Link
- More relevant content can be found on our Google News page: Link
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📣📣 Experts predict a bullish trend for Bitcoin and Ethereum! Find out the latest price predictions and factors affecting the market in this engaging article. #crypto #bitcoinprediction #ethereumprediction
Note: The information provided in this article is for educational and informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
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