Analysts predict bullish trends for ARB, BTC, and ETH
Bitcoin (CRYPTO:BTC) continues to show resilience, holding above $68,000 despite recent fluctuations in trading volumes.
As the cryptocurrency market emerges from 80 days of stagnation, analysts are forecasting potential bullish movements for Arbitrum (CRYPTO:ARB) and Ethereum (CRYPTO:ETH) in the coming weeks.
For Arbitrum (ARB), market analyst Crypto Tony highlighted that bulls need to reclaim the $0.65 mark to trigger a breakout above the key resistance point.
If this level is surpassed, ARB could potentially reach targets above $1.
The anticipated rise in Bitcoin to over $70,000 may further support ARB’s upward trajectory.
Bitcoin’s recent attempts to breach $69,000 have drawn attention, and with two weeks left until the U.S. elections, analysts expect calmer days ahead.
Jibon, a market analyst, believes BTC could reach $70,049 next week, given its current momentum.
Optimism for the last quarter of the year is high, with expectations that Bitcoin may sustain levels above $70,000.
Meanwhile, Ethereum (ETH) is also expected to experience a strong rally.
Titan of Crypto identified a reverse symmetrical triangle formation, suggesting that Ether could reach $3,200 as its first target, with support from an RSI indication.
Another analyst, Feyronn, anticipates a rise for ETH, setting a target of $2,996 if support at $2,624 holds.
While the market remains positive, traders are reminded to stay cautious, as Mondays often bring price declines.
However, recent breakouts during this time suggest that bullish movements could occur soon.
As always, investors are encouraged to conduct thorough research and understand the risks involved in cryptocurrency trading.
At the time of writing, the Arbitrum price was $0.6052, the Bitcoin price was $68,766.91, and the Ethereum price was $2,735.53.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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