Crypto: Price Predictions 3/2: Spx, Dxy, Btc, Eth, Xrp, Bnb, Sol, Doge,...
Bitcoin’s return to the $70,000 level proves that buyers are absorbing the bulk of selling, but analysts warn that traders should be patient due to market bottoms taking months to form.
War in the Middle East failed to sink Bitcoin (BTC) below the $63,000 level. That may have attracted buyers who are attempting to maintain the price above $69,000. However, a quick recovery is unlikely. Macroeconomic newsletter Ecoinometrics said in a post on X that deep drawdowns generally unfold slowly, advising “patience rather than urgency.”
Data shared by Bitwise Europe head of research André Dragosch shows that when investors buy and hold BTC for at least three years, the probability of loss drops to 0.70%. Although BTC is down roughly 50% from its all-time high, its three-to-five year realized price of $34,780 shows that investors who bought and held during the period are sitting on large profits.
The big question on traders’ minds is when to buy BTC. BitMEX co-founder Arthur Hayes said in a blog post that every military action by the US Presidents in the Middle East since 1985 has resulted in monetary expansion by the Federal Reserve. If the current conflict stretches, the likelihood of a similar action by the Fed increases.
Could buyers push BTC and major altcoins above their resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The S&P 500 Index (SPX) continues to trade between the 6,775 support and the 7,002 resistance, indicating buying on dips and selling on rallies.
The longer the time spent inside the range, the stronger the eventual breakout from it. If the price turns down and breaks below the 6,775 level, it suggests that the bears have overpowered the bulls. That may start a deeper correction toward the 6,550 level.
Buyers will have to push and maintain the price above the 7,002 resistance to signal the start of the next leg of the uptrend. The index may then surge to the 7,290 level.
The US Dollar Index (DXY) skyrocketed above the 50-day simple moving average (97.91), indicating aggressive buying by the bulls.
The index might rally to the 99.50 level and thereafter to the 100.54 resistance. Sellers are expected to fiercely defend the 100.54 level, as a close above it suggests the start of a new uptrend.
Source: CoinTelegraph
