The fight in the crypto market continues after the collapse of FTX, with contagion reaching Genesis and Grayscale from DCG. Also, market-wide sell-off due to Binance FUD and the hawkish US Federal Reserve. While traders remain uncertain, Bitcoin and Ethereum are now trading near key support levels, risking a sharp sell-off.
Crypto Analyst shares Bitcoin, Ethereum, Cardano and Chainlink prices
Crypto analyst Rekt Capital shared his price prediction for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Chainlink (LINK) in a series of tweets on Dec. 19.
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On the weekly timeframe, Bitcoin closed below $17,150 (blue), which is a monthly level. Above that, $17,150 continues to act as a resistance level. On the monthly timeframe, BTC held the $17,150 level in November, but this could become a new resistance this month.
Bitcoin (BTC) price. Source: Rekt Capital
If Bitcoin continues to decline from $17,150, BTC price could fall by as much as 20% in the coming weeks. Bitcoin will range between $13,900 and $17,150.
However, Bitcoin still has time make a monthly close above the $17,150 level later this month, just like in November. A monthly close below $17,150 would confirm the beginning of a breakdown to $13,900.
Many crypto analysts have predicted that Bitcoin holding its support level is crucial to the altcoins rally. Altcoins would fall over 20% if Bitcoin fails to hold levels. BTC price is currently trading at $16,638.
Ethereum (ETH) has failed to reclaim the 3-month support of $1,300 in December, with ETH price currently trading at $1,175. The 3 month support level is now acting as resistance. If Ethereum closes below $1,300 this month then expect lower prices in the new year.
Cardano (ADA) price is down 91% in the bear market. With no major support below, expect more downside. Currently, ADA price is trading at $0.2605.
Chainlink (LINK) price has been consolidating in the $6.2-$7.7 range since May 2022. A monthly close below $6.2 confirms a drop below $5 in the new year.
Chain link (LINK) price. Source: Rekt Capital
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Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge of blockchain, cryptocurrencies, artificial intelligence and the Internet of Things. He has long been associated with the blockchain and cryptocurrency industry and is currently reporting on the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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