- Bitcoin reached $64,765 on September 23, 2024, while Ethereum tested $2,687.
- Cryptology experts analyzed market trends and forecasted future price movements.
- Bitcoin’s path to a new all-time high depends on closing above $65,000 weekly.
- Ethereum’s potential to hit $5,000 in three to four months if it recovers summer losses.
On September 23, 2024, Bitcoin’s price surged to $64,765 temporarily, while Ethereum tested $2,687. Experts at Cryptology have analyzed these movements and provided forecasts for future price trends. According to their analysis, both Bitcoin and Ethereum are poised for significant developments, contingent on certain market conditions.
Bitcoin
The current market scenario for Bitcoin looks promising, especially as we approach the end of the month. If Bitcoin maintains a price level of around $61,000 by month-end, it could pave the way for reaching or surpassing its August 2024 peak or even hitting a new historical high. However, caution is advised.
Monthly BTC/USD Chart
If Bitcoin is to set a new all-time high, the weekly bar must close above $65,000 to confirm its strength. Failure to do so might lead to a return to consolidation.
Weekly BTC/USD Chart
The previous forecast materialized fully. Those who entered long positions are awaiting a target of $65,000. Others should consider a potential correction to $59,000-$60,000 as an entry point before a subsequent rise to $66,000.
Daily BTC/USDT Chart
The market is expected to correct by 5-13% in the first half of the week, favoring the altcoin sector.
4-Hour BTC/USDT.P Chart
Ethereum
Ethereum is projected to take about three to four months to break the $5,000 level and set a new all-time high. If Ethereum can recover the summer downturn in October and November, a bullish period is anticipated.
Monthly ETH/USD Chart
In case of a downturn, buying Ethereum at $2,000 or below is a backup plan. The primary strategy is to close the week at the current level and correct to an entry point in the first half of the week.
Weekly ETH/USD Chart
A similar strategy applies here, waiting for a correction and then buying. No other scenarios are currently being considered.
Daily ETH/USD Chart
There are many zones for opening long positions, but no exact prediction is available. Therefore, setting a ladder grid to buy each subsequent correction and aiming for $2,800 is recommended.
4-Hour ETH/USDT Chart
We will know if there are signs of potential strength by October 1, 2024.
Weekly ETH/BTC Chart
Overall, the insights provided by Cryptology suggest potential significant movements in both Bitcoin and Ethereum prices. By keeping an eye on key levels and market corrections, investors can make informed decisions.
