Bitcoin has undergone a strong correction from the highs of $13,850 set earlier this week. At yesterday’s lows, the cryptocurrency traded for $12,900. Analysts think that Bitcoin remains embroiled in an uptrend despite the correction in this market. One historically accurate analyst shared an analysis indicating that the cryptocurrency has a high likelihood of consolidating from here in the weeks ahead. This consolidation should be followed with a breakout toward $14,000, then potentially further gains as we near the end of November. Related Reading: Here’s Why Ethereum’s DeFi Market May…
Day: October 29, 2020
Ethereum Could Plunge Towards $315 Region if This Level Doesn’t Hold
Ethereum has seen an interesting trend in its price action over the past two weeks. Despite a strong surge in the price of Bitcoin, ETH has been an underperformer. In the past 10 days, BTC has gained approximately 16% while ETH has only gained around 6%. This is a stark difference from earlier this year, when ETH surged dozens of percent while Bitcoin gained a mere 5-10%. Analysts fear that this weakness is a precursor to a strong drop to the downside. Ethereum may be saved by Bitcoin, though. Analysts…