Although the cryptocurrency markets began to rise early in the morning today, it experienced a sharp decline in a few hours. As is known, Bitcoin (BTC) and Ethereum (ETH) have been showing the expected performance for the last 1 week.
In the early morning, Bitcoin approached $ 12,000, and Ethereum was based on $ 410. However, some altcoins also saw serious rises. Ethereum Classic (ETC), for example, exceeded the $ 8 level in the morning hours. These figures were record levels of 2020.
The decline occurred
But for several hours there have been sharp declines in cryptocurrencies. Bitcoin and Ethereum fell rapidly within minutes, and investors were hurt because of this. At the time of writing, Bitcoin was trading at $ 11,293, according to CoinMarketCap data, while Ethereum was trading at $ 379.
Analyst Josh Rager stated that Bitcoin should close above $ 11,553. According to the analyst, if Bitcoin can break the $ 12,000 level, it can go up to $ 13,000.
Its a matter of where the pullback is not " it could go up or go down"
These are the two areas I'm watching, eventually, there will be at least a short term pullback
And I honestly like the area between $12,567 to $12,900 https://t.co/i1zhXN7awm
— Josh Rager 📈 (@Josh_Rager) August 1, 2020
Another popular analyst, Crypto Michael, expressed the need to focus on altcoins. Michael said:
“The most likely situation is that we will have volatility in BTC and ETH as we determine their ranges. But over time (one week-two weeks) this will start to drop. What do you have to do? Altcoins can be purchased from the bottom. While everyone is focused on BTC, your focus may be altcoins. ”