Most of the cryptocurrencies, particularly Ethereum and Bitcoin, have seen a sharp drop in these last few days. However, analysts say that Ether could be in a position for a $9,000 boost in value.
Unfortunately, the short-term outlook for BTC doesn't look so good.
Investors are anticipating the market recovery and return of cryptocurrency value at better rates. The largest cryptocurrency in the market, Bitcoin, seemed to recover some of its monetary value. But experts have warned that it remains highly volatile, and prices might continue to fluctuate before a longer-term momentum could be regained.
The second-biggest cryptocurrency, Ethereum, is finally showing signs of future potential. Despite the continuous drop within these last few days, it has not entered dangerous levels yet. Instead, an expert analyst said it should continue to rise in the coming months.
Bitcoin Price Prediction: Experts Warn Downward Trend
JP Morgan strategists were quoted by Forbes as to saying that: "It (Bitcoin) would still take price declines to the $25,000 level before longer-term momentum would signal capitulation."
Currently priced at $34,624 (as of time of writing), Bitcoin has bounced back from a $28,600 price drop against all odds. The recovery, however, leaves most analysts reluctant to abandon the negative outlook of the trend.
In particular, the news might come in that Grayscale Bitcoin Trust (GBTC) could sell their shares of the cryptocurrency at any time, potentially resulting in a downslide risk. GBTC currently holds three percent of Bitcoin supplies, so a sudden sell-out will damage the market.
Experts warn that, in conclusion, Bitcoin volatility is around six times more than gold. Investors holding on to Bitcoins should look out for and GBTC-related updates for June and July.
Ethereum Price Value Could Reach $9000?
On the other hand, Ethereum is showing a lot of recovery potential. FX Empire pulled out a Bullish Elliott Wave Principle (EWP) path for Ethereum and made a prediction that ETH could rally up to $9,000 in the coming months.
In the short term, Ethereum has some risks. To reach the $9000, ETH needs to break the $2920 marker. It is worth noting that the cryptocurrency has a monthly pattern of losing 60 percent of the value before shooting up to 62 percent.
ETH is priced at $2010 as of time of writing. It successfully overcame the dangerous target zone of $1,349 to $1,503. From this point, ETH is expected to be on a rising path, climbing to an estimated level of $2250. After reaching that point, investors have to look out for a new trend wave indicator for $2920.
Note, however, that this development could still take months of rising and fall before hitting the goal values.
Take these cryptocurrency predictions with a grain of salt and heavy skepticism. While analysts and experts have worked hard to predict these crypto patterns by comparing months of data, the cryptocurrency market remains highly volatile and erratic, where values could change at any given moment.
This article also does not encourage investing on cryptocurrency given the current level of volatility.
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