Bitcoin, Ethereum, Dogecoin Mixed As Rally Hits Pause: Analyst Says Apex Crypto 'A Brain Dead Play' Now, Investors Lucky If They 'Get A Dip Below This Level'

Major cryptocurrencies saw a mixed performance on Sunday evening. Bitcoin price experienced a week of consolidation, hovering between $34,000 and $35,000.

What Happened: Bitcoin came very close to reaching the $36,000 mark, but then experienced a sudden change in direction and corrected to $34,250.

The recent rally has boosted investor confidence in Bitcoin as they eagerly anticipate upcoming events that could further influence its market value. These include the next Bitcoin halving and the potential approval of BTC Exchange-Traded Funds (ETFs). 

After a rigorous five-week trial, a New York jury has found Sam Bankman-Fried, the founder and former chief executive of FTX, guilty of defrauding his customers and lenders. Looking ahead, a tentative sentencing date of March 28, 2024, has been set for Bankman-Fried. The potential consequences are grave, as he could face the possibility of spending decades behind bars. In fact, the theoretical maximum sentence stands at a staggering 115 years.

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The global crypto market cap currently stands at $1.28 trillion, reflecting a decrease of 3.05% in the past 24 hours.

U.S. equity futures showed little movement on Sunday evening following the major averages’ strongest performance of the year so far.

Futures associated with the Dow Jones Industrial Average edged up 13 points, or 0.04%. S&P 500 futures also registered a slight increase of 0.03%, while Nasdaq 100 futures remained just below the flat line, at 0.01%.”

The upcoming week is expected to be relatively quiet in terms of economic data and company earnings. However, stocks could receive a boost from seasonal tailwinds, potentially contributing to the ongoing recovery.

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Analyst Notes

In a latest video update, Credible Crypto, a pseudonymous trader, suggests that surpassing the $35,000 mark is the next plausible move for BTC. Sharing his Elliott Wave analysis on X platform, the analyst highlights three critical levels to monitor: $34,314 (range low), $34,714 (midrange point), and $35,119 (range high).

"The key thing here is that we've impulsed above the midrange and now we want to see if we can hold that as a reclaim," he explained. "In that case, what we've essentially done here is reclaimed the midrange for continuation up. Rather than a move off the range lows, we're making a move off the midrange."

Michael Van de Poppe mentioned that Bitcoin is currently in a consolidation phase at $35,000, indicating that there might be potential tests around the $30,000-32,000 range. Historically, when the markets experience a correction similar to the one observed in January, it can be an opportune moment to enter the markets. "Sentiment has changed."

Another analyst DonAlt believes that Bitcoin (may experience sideways price movement in the near future, but he is confident in holding his Bitcoin for the long term as he anticipates more rallies for the leading cryptocurrency.He states, "Considering this could've turned into a false breakout, this actually looks surprisingly good. Wouldn't be surprised if we just chopped upwards for a while before full sending it. Generally think if you get a dip towards $32,000-$33,000, you can call yourself very, very lucky…

According to DonAlt, Bitcoin is "such a brain dead play this time around I'll literally just ignore all else until I think the BTC top is close/in. I wanna sell my BTC to boomers who don't even know what the Internet is. After that happens I'm down to have a conversation about YOLOing (you only live once) alts."

Santiment, an on-chain data analytics firm, has reported that the S&P500 has experienced significant growth following a cooling period for Bitcoin and Ethereum. In the midst of each sector having its own moment to shine, the upcoming week will reveal whether the relationship between crypto and equities remains intact or if assets are poised for a bull run.

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Photo by Igor Faun on Shutterstock

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