As of August 12, 2024, Bitcoin is trading above the $59,600 mark, while Ethereum remains in the $2,600 zone. Experts from Cryptology have shared their forecasts on the future price movements of these prominent cryptocurrencies.

Bitcoin Analysis

While it might be premature to celebrate, there are some positive indicators for Bitcoin. As long as the monthly close remains above the July 2024 low, we can expect a positive trend. The monthly BTC/USD chart from TradingView reflects this optimism.

On a weekly scale, the outlook is even more promising. By examining the weekly bar, we can identify patterns similar to those from March and June 2023, though each period’s expansion percentage varies. The price is expected to move steadily, aiming to reach new highs. Post the monthly close, it’s advisable to focus on Bitcoin’s strength.

The weekly BTC/USD chart from TradingView further supports this analysis. Key zones to watch are:

• Zone A: $54,000 to $59,000
• Zone B: $64,000 to $73,000

Reaching these zones could signal opportunities for long positions. The daily BTC/USDT chart from TradingView highlights two potential scenarios:

• Correction to imbalance (IMB) with a push from the point of interest (POI), preventing downward movement.
• Working with any swing that includes compression, imbalance, and liquidity. After this, the price might stabilize at $48,888 before moving higher.

If there is no reaction within one or two months, the next target could be 61%, significantly impacting the market.

Ethereum Analysis

The current trend for Ethereum is positive, with a crucial point of interest being a monthly close above $2,810, as shown in the monthly ETH/USD chart from TradingView.

The past week was relatively weak. The expected scenario involves accumulation and upward movement, potentially forming a new low before rising. The weekly ETH/USD chart from TradingView suggests a simple plan: recovery above the marked level and a weekly bar close above the zone. The daily ETH/USDT chart echoes this sentiment.

Final Thoughts

Bitcoin and Ethereum show promising signs despite recent fluctuations. Bitcoin’s strength lies in maintaining its monthly close above previous lows, while Ethereum aims for a monthly close above $2,810. These indicators suggest potential upward movements, offering strategic opportunities for investors.