Today for the Bitcoin and Ethereum prices. I have a very urgent message for everyone who’s holding Bitcoin, who is holding Ethereum right now. I want to go straight into it. and my predictions for Bitcoin and for Ethereum. I haven’t talked about Ethereum for quite some time but I have some news for you that might change your opinion on what is going to happen in the immediate short term.
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Let’s get straight into it. Recently our engagement was crazy. Let’s talk about Bitcoin and i yesterday I already talked about this potential falling wedge actually. Maybe being the last chance, the last hope for Bitcoin actually for reversal right and we went down, we retested the download stopping support and we held it as long as Bitcoin. It is in this falling wedge and the apex is this week actually within the next five days as long as we are inside here. We have one last chance to get this break out to our price target of 42 500 US dollars. I have to say Bitcoin is below this support here. I mean let me go daily and zoom out a little bit. So, what I’m talking about is that we are talking about this channel here. We are below but while being below this breakdown. So far, it was not detrimental, it was not something where we say hey this is for sure going lower to 33-34 000 USD.
We are holding the support so I would definitely refrain right now from short positions. Then, of course, if we are looking out for this specific breakout. I already mentioned the bullish price target and the bearish price target. I already posted yesterday on my Twitter. The bearish price target will be around the levels which I mentioned before 44 for 34 200 U.S dollars for Bitcoin. Bitcoin is rising, which is actually a bullish biased pattern, of course, we are in breakdown mode but technically from a probability standpoint two-thirds likelihood for us to break out. Does it mean we should long right now? No, we should wait for the support and for the resistance to break for confirmation and then I would personally even myself put in a long position and close it below the big resistance and then at the price target the last.
Now let’s talk about something else before I talk about my price targets. My expectations for Bitcoin are what I want to talk about Ethereum and many people tend to forget. Bitcoin has the most viewed Bitcoin-only videos on the whole internet that don’t mean that I’m not in Ethereum. I’m actually having 15% of my net worth in Ethereum for a very specific reason, obviously, we have with NFTS a crazy use case for Ethereum. We have more and more decentralized applications, of course, running on Ethereum.
We have the biggest programming community but the most important thing is the whole structure. Ethereum is deflationary right now which means there are more Ethereum being burned than actually being mined that means that the supply of Ethereum is decreasing over time and that was the only argument for me ever against Ethereum sensing fume is deflationary time is going with us every dollar printed is good for Ethereum holders. This whole thing gets a whole new narrative right now and I personally think the goal of every single one and, of course, that subjective thing should be to hold at least one Ethereum.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/d9CUsrkRRPQ
