Bitcoin and Ethereum prices have enjoyed major breakthroughs in 2021. Whilst, the proponents and analysts across the market are hopeful of a massive bull cycle to trigger by early 2022. The recent choppy downward move would be a requisite correction before shifting gear to the grand bull cycle post-Christmas.
Christmas Correction Underway!
Bitcoin and Ethereum prices are not so distant from the 2022 bull market. As Christmas is near people are busy gifting their cryptocurrencies. However, the recent requisite correction would trigger a bull market by Q1 of 2022, as traders are expected to return from Christmas vacation. One among the protagonist from the Crypto fraternity Dr. Jeff Ross is pretty confident upward move to resume by early 2022.
The analyst unveiled a bullish outlook for Bitcoin price action in Q1 2022:
- Bitcoin market cap to Thermo cap ratio has been successfully retested crucial bottoms, all set to surge likely into 2022. The ratio of market cap to Thermo cap is estimated by taking a proportion of bitcoin’s market cap to its all-time miner revenue in USD, also called its “thermocap.”
- Bitcoin’s Net unrealized profit to loss ratio is moving sideways. With a requisite reset, the metric is all set to take an upswing by early 2022.
- The Puell Multiple is a Bitcoin indicator, which calculates how much earnings mining pools are presently in compared to the one-year historical average.
- Another on-chain metric Bitcoin reserve risk is bullish. Whilst the reset would trigger bullish momentum by early 2022.
Bitcoin Price To Breakout, And Ethereum to Follow the Suit!
A crypto analyst Theo Trader mentions key levels to be passed in order to confirm their upward move. He is optimistic of an explosive rally of Bitcoin price if it reclaims and gains significant strength around the $50k range. In contrast, if bears continue to predominate the space, then he expects the flagship asset to plummet to $40k.
In the case of Ethereum, he is anticipating star altcoin to accumulate strength around $4k in order to confirm an upward move. On the contrary, he expects the price to settle around $3k if it breaks down.
Collectively, whenever Bitcoin Price gains bullish momentum, its counterpart Ethereum follows the suit. Whilst, on-chain metrics hint at a solid retest, the upcoming next two weeks would become crucial. Especially, after Christmas, we may get to see a somewhat clear picture of the market outlook.
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