#ETHBreaks4000 Price predictions as of 8/8: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI
Bitcoin could challenge the $120,000 to $123,218 resistance zone but crossing it may be a tough ask for the bulls.
Price predictions as of 8/8: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI
Price Analysis
Key points:
Bitcoin has had a brilliant recovery, but it is expected to face significant resistance at $120,000.
Ether looks strong on the charts and is expected to challenge the $4,094 level, where sellers are expected to intervene.
Bitcoin
BTC
€100,240
had a solid recovery on Thursday, but bulls are struggling to maintain higher levels. This suggests that bears are selling on the rallies. However, a positive sign for the bulls is that they are trying to keep the price above $116,000.
Glassnode stated in a market report that the base cost for buyers with local tops, cohort of one week to one month, hovers around $116,900. Buyers need to keep the BTC price above $116,900 to confirm that "the demand side is regaining control".
On the other hand, BTC risks entering a deeper correction towards $110,000 if the price remains below $116,900, the report added.
Daily view of cryptocurrency market data. Source: Coin360
In addition to BTC, analysts are also watching altcoins. Michaël van de Poppe, co-founder of MN Trading Capital, said that the recent rally of Ether
ETH
€3446
is "the first step towards a greater risk appetite". He expects altcoins to increase between 200% and 500% in the next 2 to 4 months. $BTC