The Bitcoin market dominance has recently dropped below 50%, and the BTC price is currently trading below the key 200-weekly moving average. As a result, there is speculation as to whether Bitcoin will hit $20,000 or $30,000. The BTC price has already experienced a 10% nosedive from $29k to below $25k due to bearish divergence formation and the completion of the Double Top pattern. Additionally, the crypto fear and greed index has slipped from 50 (neutral) to 37 (fear) in just a day, leading to concerns about a potential crash to $20,000.
However, popular analyst CrediBULL Crypto has denied the possibility of Bitcoin crashing below $25,000. In fact, he believes that BTC will outperform Ethereum (ETH) and most altcoins in the coming months, leading to a new all-time high. CrediBULL Crypto highlighted that BTC held its local low while ETH broke its support in the recent selloff event, which is a significant detail missed by others.
Other analysts, such as Rekt Capital and Crypto Birb, also share a bullish outlook for Bitcoin despite the current negative sentiment. Meanwhile, ETH price has rebounded to $1,683 after falling to a 24-hour low of $1,551. Reports of possible approval of Ethereum futures ETFs by the US SEC have faded traders' negative sentiment on ETH. However, altcoins such as Conflux, XRP, Litecoin, ApeCoin, Bitcoin Cash, and Sei have fallen more than 10% in the past 24 hours.
Traders are now awaiting a decision in the Grayscale vs SEC lawsuit for a spot Bitcoin ETF approval, which is expected to provide clear direction amid the current uncertainty.
