The Bitcoin price continues to lead the market, and with each crash, it has dragged the altcoin market down alongside it. Amid these fluctuations, Ethereum has notably struggled, reverting to price levels unseen in the past seven years. As Donald Trump’s tariff situation presents ongoing challenges, the burning question emerges: where is the Bitcoin price headed from here?
Market Experts Chime In On Bitcoin Price
Current crypto market sentiment has plummeted, reaching lows we haven’t witnessed in years alongside Bitcoin’s recent dive into the $70,000 territory. Industry experts suggest that the tumult is far from over. Alex Guts, CEO of Banxe, indicates that Bitcoin may trade within a tight range of $72,000-$84,000 during this phase. However, he maintains a long-term bullish outlook, attributing potential growth to increasing adoption and supportive policies.
Despite the adverse market conditions fueled by Trump’s policies and the ensuing tariff wars, some analysts remain optimistic. A recent analysis shared with NewsBTC emphasizes that the current turmoil could ultimately be beneficial for the market. A Bitunix expert notes that the Trump administration’s actions might be “igniting a regulatory renaissance for crypto,” suggesting that the President’s initiatives could empower crypto leaders and potentially stimulate growth despite immediate negative impacts.
The Bitunix analyst cautions investors not to let tariff-related news cloud their judgment. He argues that sometimes significant changes are necessary to rectify existing issues, akin to ‘taking medicine’. Regarding Bitcoin’s prospects, he suggests, “Well, the recent price drop in major cryptocurrencies has worried retail investors, but we believe that Bitcoin could potentially reach $117k after the dust settles.”
The Sad State Of Affairs Of ETH/BTC
Conversely, Ethereum, despite its status as the second-largest cryptocurrency globally, has experienced disappointing performance, particularly when compared to Bitcoin. Evaluating the ETH/BTC chart reveals a lack of support as the downward trend persists.
To date, Ethereum has decreased to 0.01889 BTC, a level last observed in 2019, indicating a full retracement of its gains over the past six years and plunging many supporters into significant losses.
For Ethereum to see a rebound, a substantial catalyst may be required. The current absence of support suggests that holders of Ethereum could face more turbulence before any recovery is visible.
Featured image from Dall.E, Chart from TradingView.com
