BTC has behaved like a full-fledged stablecoin holding the €20,000 level for weeks, but this week’s interesting moves could be seen in the Blockchain market.
BTC managed to maintain its price for many days at the margin of €20,000 despite the fear that is flooding the minds of investors right now. However, the impossibility of the bears to finish sinking the price in a scenario as unfavorable as this, gives a glimmer of hope of maintaining the range between €20K and €25K during this same month of September, and even the most optimists dream of a possible break above that level.
The truth is that throughout this week the Blockchain market has had a very bad time, and no cryptocurrency has had real growth despite the “surprising” stability that BTC has shown, which for several days acted almost like a stablecoin that is maintained very close to the 20K level.
Weekly Crypto Market Price Prediction
The cryptocurrency market has experienced one of the most “boring” weeks in memory, both down and up, and there are prices that have practically not moved. The previous analysis of the market was not worth much, since nothing that was planned has been fulfilled, but it does not mean a total mistake.
BTC
Bitcoin has held up well having turned its bullish trend towards €28,000 over a week ago and has held the level with all the FUD around it. Something curious has been the violence with which the price has bounced off the €19,600 level the two times it touched it last week, which suggests that, against all odds, the bears do not have as much control over the price.
Right now it is a period of total uncertainty, whoever says they know what is going to happen is lying. In that sense there are two possibilities; that BTC breaks below €19,600 and goes straight to the yearly low that is in the €17,000 range, or that it makes a new bottom at the €19,600 level and rebounds strongly enough to break above the €21,000 and quickly recover the €25,000 that he lost at the time. Both options have a 50% chance of being fulfilled.
ETH
Ethereum remains without a doubt the “savior” of the market with its 6% growth in the last 7 days. Although it missed the €1,750 price target, this growth indicates that the bulls remain in control regardless. With 10 days to go before the expected Ethereum Merge, the merger of ETH and ETH 2.0 that will revolutionize the Blockchain of the second most important cryptocurrency in the world, the solidity in the price of ether is exciting.
It is possible to see in the coming days how ETH reaches the level of €1,750 traced last week, and who knows if there is not an increase in its market dominance that brings it ever closer to parity with BTC in this regard.
Biggest Price Ups and Downs of the Week
Ups: In a week in which BTC has acted as a kind of stablecoin, we have seen several cryptocurrencies have had quite interesting growth.
Here are the main altcoins that are positioned as the big winners this week:
Lido DAO (LDO +28%).
Cosmos (ATOM +26%).
Ravencoin (RVN +23%).
Downs: The losers have also been “a la carte” during the last 7 days, and as is normal in a market with FUD, falls greater than 20% have been seen this week.
Here are the biggest losers this week in the Blockchain market:
Helium (HNT -25%).
eCash (XEC -7%).
USD Neutrino (USDN -2.5%).
By Audy Castaneda
