The cryptocurrency market is at a crossroads. Bitcoin is down 1.6% on Monday, and second-most important Ethereum is down 1.4%. By the standards of this highly speculative market, these are cosmetic changes, but it is reasonable to ask what's next?
The value of all 9,024 cryptocurrencies in the world is $3.07 trillion.which means no changes compared to Sunday, and at the same time failed attempt to break out — during the day the value reached PLN 3.11 trillion. To climb to the December maximum of $3.2 trillion. on December 4, i.e. to increase by USD 130 billion, a lot of money is needed on the market.
Will there be new funds that will inflate the market with the value predicted by the proverbial tea leaves? And in the era of competition in the speculative part of the market from gold, silver and platinum, and at a time of reducing the assets of central banks, drawing money previously created out of thin air, is there any chance for growth at all?
CoinDesk analyst and certified market technician Omkar Godbole created a set of forecasts, of course based on technical analysis, i.e. drawing charts and looking for trends in them.
BTC analysis
Bitcoin, according to him, is still trading in a counter-trend ascending channel on the hourly chart, which is inside a larger downtrendbut leaving “price action in good shape.”
As he said, breaking above 96.5 thousand hole. would be technically bullishwhich would probably mean further increases, because this level means “confluence [zbiegu różnych okoliczności — red.] channel top and a broader bearish trend line and would support a revival of the medium-term uptrend.”
“The weekly chart supports this scenario, with the repeated defense of the 100-week simple moving average signaling exhaustion of the downside and increasing risk of a bullish reversal,” says the analyst.
However, it also indicates that this structure also leaves room for weakening again if buyers fail to force confirmation. “A downward break of the hourly countertrend channel would confirm the downtrend line and open the way to another test of the area of 80 thousand hole.where the market had previously found support,” according to the analysis.
ETH Analysis
“Ether's technical structure mirrors that of Bitcoin, but within a counter-trending ascending channel on the hourly chart amid a broader downtrend,” the analyst writes. What this means concretely is that decisive break above $3,200. channel resistance would confirm the “bullish recovery”, revealing $3,620.i.e. “lower highest resistance from November 10”.
Downside risk will remain if sellers invalidate a counter-trend channel, the analyst says. A break below would, in his opinion, reinforce a larger downtrend, opening recent lows near $2,630. as initial support before a deeper correction. The current price is $3,113. A Coindesk analyst believes that $3,200. is a key level to watch.
XRP Analysis
In the case of XRP break below $2. According to Godbole, it threatens the holders of this cryptocurrency with capitulation, revealing $1.63.i.e. 61.8 percent. Fibonacci retracement of the 2024-2025 rally as the next major support.
Conversely, consecutive daily closes above $2.30. would invalidate the “bearish pattern of lower highs” and signal a bullish recovery. $2 remains a key turning point.
