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What’s Next for Bitcoin and Ethereum Price? Cardano Hits $1.02 High as Altcoins Market Hits Frenzy Mode

Bitcoin

Bitcoin price has rallied to a new all-time high of $48,690 on Feb. 11, barely hours after plunging to lows of $44,011. Bitcoin’s (BTC) breakthrough came on Feb. 8 after Tesla announced a $1.5 billion Bitcoin investment. This news event pushed BTC price from $38,051 lows to highs of $48,200 on Feb. 9 new all-time highs.

The second-largest crypto-asset also attained new all-time highs of $1,839 barely a few days after CME ETH futures listing.

The Altcoins market seemed to enter a frenzy mode as other cryptocurrencies rallied left and right. All-time highs are being established daily across many Altcoins, Binance Coin recently attained new all-time highs of $150, Chainlink traded at record highs of $28.63. Cardano also traded near its prior all-time high, attaining a height of $1.02 in the day. Altcoins offering layer-2 solutions such as (MATIC) and Avalanche (AVAX) are higher on a 7-day basis.

BTC/USD Daily Chart

Bitcoin presently trades at $47,305.

What’s Next for Bitcoin and Ethereum Price?

Analysts put the next major resistance level for Bitcoin at $50,000. However, in the near term, Bitcoin must consolidate and breach above $48,000 to move to the $50k mark. While further noting that the $48,000 level has a lot of stacked sell orders on Binance and other major exchanges, which is preventing a proper breakout.

On the contrary, several arguments support a near-term bullish outlook for Bitcoin as seen in the high number of active Bitcoin addresses and the exchange supply of Stablecoins. On-chain metrics such as Santiment’s NVT Token Circulation model also suggests that the lead crypto still has a bullish impulse.

Bitcoin Unique Addresses. Courtesy: Glassnode

One concern is that of the BTC funding rate which stays near 0.2% across top futures exchanges. A high funding rate may indicate that the market is getting overheated therefore the probability of a long squeeze leading to a pullback increase.

Analysts at Whalemap said that Bitcoin needs to hold tight to the $44,214 support level to prevent a fall to $39,843 in the short term.

For the second-largest cryptocurrency, Ethereum, ETH, there is a generally optimistic outlook amongst traders and analysts on the near-term cycle of ETH. Ethereum rallying to new all-time highs after the CME ETH futures listing is a positive factor that may boost the chances of ETH’s bullish outlook.

The CME ETH futures market trading nearly $30 million in volume on the launch date, which is relatively high is also another positivity for the largest Altcoin. Thus, if the institutional demand for ETH grows just like Bitcoin’s, Ethereum could see a bigger rally in the coming months.

A trader with the moniker “Pentoshi” believes that Altcoins and ETH should have much stronger momentum, however, in the near term, $1,800 remains the key level to break for ETH to pursue upside gains to $2,000 and beyond.

Image Credit: Glassnode, Shutterstock

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