Today’s Bitcoin price predictions are expected to reach US$28k if the strong resistance level of US$24k can be breached. Meanwhile, ETH is predicted to have many obstacles in the US$1,800-$2,200 range.
“Bitcoin is currently just below the upper resistance near $24,000. If BTC manages to break through that price, there will be little resistance up to $28,000, which would represent to swing 16 percent if BTC can rise,” call Alex Benfield of Weiss Ratings in his analysis today, Friday (May 8, 2022).
Bitcoin price prediction
However, Alex continued, if BTC fails to recover in the coming days, it will likely retest $22,000. If that price is reached, Bitcoin will fall back to US$20,000, which is where it should stay support good.
ETH price prediction
Meanwhile, crypto ether (ETH) continues to lead this rally, climbing back above $1,600 and its moving average.
However, there is major resistance between $1,800 and $2,200 so it will be difficult to advance. And this is necessary if you want to stay above the moving average.
“Fortunately, ETH has a big story to encourage positive sentiment, namely plans unite which is scheduled for September 19, 2022,” continued Alex.
The merger plan has indeed become an important principle that is expected to complete the Ethereum blockchain in Ethereum 2.0, which combines Proof-of-Work technology into full Proof-of-Stake.
Alex also pointed out that it wouldn’t be a surprise to see ETH fall after the frenzy unite it’s over.
“Meanwhile, ETH needs to hold above $1,650 for the next few days and hopefully it will soon return above $1,700. If it breaks below its moving average, it could retest $1,450,” he explained.
The current situation in the crypto market is also quite good. One of them is cooperation between giant investment companies BlackRock with Coinbase which prepares crypto investment products for businesses.
Through this investment product, BlackRock users can use the Aladdin investment management system to manage BTC and other portfolio assets such as stocks and bonds.
On the other hand, the declining demand for BTC contributed to the decline in the income of Jack Dorsey’s crypto business.
The investment value of Bitcoin Block, the company founded by former Twitter CEO Jack Dorsey, decreased by USD 36 million or equivalent 536.2 billion rupees. This was revealed in the company’s Q2 2022 financial reports. [ps]