Crypto trading expert Jacob Canfield has recently shared his insights on two potential scenarios for Bitcoin and his investment strategy for Ethereum. Canfield’s analysis and strategic plan offer valuable guidance for crypto investors. Read on to understand his perspective and how it might impact your crypto investments. Before we explore the insights of the expert, let’s understand the current market scenario of Bitcoin and Ethereum.
Bitcoin Recent Market Performance
The current price of Bitcoin is $66,326. In mid-March 2024, Bitcoin’s price was above $73,000. It has attempted to touch this peak several times in early April, late May and early June. The 7-day change of Bitcoin is -4.5%, while the 30-day change is +0.6%.
Ethereum Recent Market Performance
Ethereum is currently priced at $3,552. In mid-March 2024, its price was over $4,000. Similar to Bitcoin, Ethereum also attempted to touch its peak in late May and early June. The 7-day change of Ethereum is -4.2%, while the 30-day change is +17.2%.
Canfield’s Insights: Two Possible Scenarios for Bitcoin
Scenario 1: A Minor Drop and Quick Rebound
Canfield predicts that if Bitcoin’s price drops to around $66,000, it could quickly bounce back and rise to $70,000. This scenario suggests a minor correction followed by a strong upward trend.
Scenario 2: A Deeper Decline
In this more bearish scenario, Canfield sees Bitcoin falling sharply to between $60,000 and $62,000. This deeper drop would require more caution and could signal a more prolonged correction period.
Canfield’s Current Crypto Trading Strategy: Observation and Patience
Currently, Canfield is not holding any positions. He is waiting and watching how Bitcoin behaves at these critical lower price points before making any trading moves. This cautious approach underscores the relevance of strategic timing in crypto trading.
Canfield’s Ethereum Investment Plan
Canfield believes Ethereum will be a good buy if its price drops to between $3,250 and $3,300. This specific price range represents a strategic entry point for Ethereum investments.
The crypto trading expert is waiting to see how Bitcoin performs at its lower prices before making any decisions on Ethereum. His analysis provides a clear and strategic approach to navigating the current crypto market.
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Also Read: Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves