During Bitcoin's consolidation, traders are optimistic about challenging $125,000.
Bitcoin ($BTC) market participants are looking forward to breaking through the resistance trend line, with a target price of $125,000.
According to a report by Cointelegraph, cryptocurrency trader Marcus Corvinus stated yesterday (7/20) that 'something big is coming.' He pointed out that Bitcoin is moving within a triangular pattern and is maintaining above the strong support zone of $116,000 to $117,000.
Corvinus analyzed using candlestick patterns, indicating that if it breaks the resistance line, Bitcoin will challenge $125,000; however, if it falls below support, the price may drop to $111,000 or lower. He emphasized that this triangular pattern is almost completed, and a larger breakout or crash is imminent.
Source: Marcus Corvinus Cryptocurrency trader Marcus Corvinus stated yesterday (7/20) that 'something big is coming.'
CoinMarketCap data shows that as of the time of writing today, the price of Bitcoin is $117,538, down 0.35% on the day.
Ethereum performs well, will it challenge the $4000 round number?
During Bitcoin's consolidation, Ethereum ($ETH) has become the market focus.
As of the time of writing today, the price of Ethereum is $3,735, up 3.41% on the day, and it recently touched $3,820, still a short distance from the high of $4,106 at the end of 2024.
Source: CoinMarketCap Ethereum performs well, will it challenge the $4000 round number?
The altcoin market has great potential, and the capital inflow effect continues.
Cryptocurrency analyst Rekt Capital pointed out that Bitcoin is still oscillating within the region, facilitating more capital inflow into altcoins.
Renowned cryptocurrency analyst Michaël van de Poppe also stated that Ethereum's recent performance has been quite impressive, being the first altcoin to make significant moves. It has basically returned to near the highs of December 2024, but most altcoins are still down 50-80% from that period's peak, indicating that there may still be substantial upside potential in the future.
Further reading:
What are altcoins? How to invest? How to identify altcoin season.
During Bitcoin's consolidation period, the market's focus has shifted to altcoins. Apart from Ethereum, Ripple ($XRP) recently reached an all-time high, surpassing Tether ($USDT) to become the third-largest cryptocurrency by market capitalization.
This content is generated by aggregating various information by Crypto Agent, reviewed and edited by Crypto City. It is still in the training stage, and there may be logical biases or information errors. The content is for reference only and should not be considered investment advice.
'Bitcoin Consolidates, Ethereum Breaks $3800! Analysts Reveal Key Indicators Forecast: Something Big is Coming.' This article was first published on 'Crypto City.'
