The battle in the crypto market continues after the collapse of FTX, with the contagion reaching DCG’s Genesis and Grayscale. Also market wide sell off due to Binance FUD and aggressive US Federal Reserve. While traders remain uncertain, Bitcoin and Ethereum are now trading near the crucial support levels and risk a major sell-off.
Crypto Analyst Shares Bitcoin, Ethereum, Cardano, Chainlink Prices
Crypto analyst Rekt Capital in a series of tweets shares its price prediction for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) on December 19.
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In the weekly time frame, Bitcoin has closed below $17,150 (blue), which is a monthly level. In addition, $17,150 continues to act as the resistance level. In the monthly time frame, BTC held the USD 17,150 level in November, but it could turn into another resistance this month.
Bitcoin (BTC) price. Source: Stretch Capital
If Bitcoin continues to decline from $17,150, BTC price could drop up to 20% in the coming weeks. Bitcoin will move between the $13,900-$17,150 range.
However, Bitcoin still has time to execute a monthly close above the $17,150 level later this month, just like in November. A monthly close below $17,150 would confirm the start of a breakdown to $13,900.
Many crypto analysts have predicted that holding Bitcoin’s support level is crucial to the altcoins rally. Altcoins would drop more than 20% if Bitcoin fails to hold the level. The BTC price is currently trading at $16,638.
Ethereum (ETH) failed to reclaim the 3-month USD 1,300 support in December, while ETH price is currently trading at USD 1,175. The 3-month support level now acts as resistance. If Ethereum closes below $1,300 this month, lower prices can be expected in the new year.
The price of Cardano (ADA) is down 91% in the bear market. Since there is no major support below, more downsides can be expected. Currently, the ADA price is trading at $0.2605.
Chainlink (LINK) price is consolidating within 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: Stretch Capital
Also Read: Shiba Inu Developer Confirms Launch Of Shibarium Beta, SHIB And BONE To Rally?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all 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 publication is not responsible for your personal financial loss.
This post Popular Analyst Predicts Bitcoin (BTC), ETH, ADA, LINK Price For New Year 2023
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