In the early hours of December 16, 2024, Bitcoin reached a new all-time high, surpassing $106,000, while Ethereum briefly broke through $4,000 but failed to hold above this level. Analysts at Cryptology Key offered insights into what might come next for both assets.
Bitcoin Outlook
Bitcoin remains at a pivotal point. Analysts predict two possible scenarios for the weeks ahead:
- A continued rally across the market to close out 2024.
- A significant correction that could pull Bitcoin down to $90,000 and trigger a broader altcoin market decline of up to 40%.
Ethereum Outlook
Ethereum faces a similar uncertainty. Analysts highlight two key levels:
- A successful close above $4,000 could confirm a bullish trend.
- A correction to around $3,675 is possible, where price imbalances on the monthly chart may be addressed.
The preferred scenario involves Ethereum testing daily lows near $3,675, finding support, and rebounding towards $4,093. Traders are advised to monitor two strategies: a retracement-based entry after confirming structure or holding through a deeper decline for a potential recovery.
USDT and Market Sentiment
While a brief market dip increased USDT dominance to 4.29%, it lacked significant momentum to confirm a strong trend. Analysts suggest a neutral stance for December, with no major zones of interest expected until the end of the year.
Conclusion
Both Bitcoin and Ethereum are at critical junctures, with price action over the coming weeks determining whether we see a continued rally or sharp corrections. Investors are encouraged to consider both scenarios when planning trades.
This analysis is not financial advice. Always conduct your own research before making investment decisions.
