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Ethereum Failed to Break Through This Resistance, Let's See What Bitcoin Can Do: Analyst

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Tue, 3/01/2023 - 11:30
Ethereum Failed to Break Through This Resistance, Let's See What Bitcoin Can Do: Analyst
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Senior market analyst at Cubic Analytics Caleb Franzen took to his Twitter handle to share a set up for Bitcoin, in which the flagship cryptocurrency may go up.

However, he warned, after he shared a similar setup for Ethereum in December, the second biggest crypto failed to go up to that level, and the ETH price dropped significantly.

Bitcoin succeeds at retesting former support

According to the chart shared by Franzen, and his comments on it, BTC has finally succeeded in retesting the trendline that formerly acted as a support for Bitcoin. Now, the question is whether it will act as resistance for Bitcoin. The analyst reckons the odds are high that Bitcoin will succeed here too.

However, he does not "see the need to pile in here."

However, Franzen added in the comment thread that he had shared a similar setup for Ethereum last month. The second biggest crypto, he says, was rejected at a similar level that Bitcoin is facing now and was pushed down by around 13.5% quickly.

On Dec. 17, Ethereum dropped from the $1,277 level, hitting $1,168. ETH stayed there for a couple of days until it managed to recover a little and rise to the $1,219 mark on Dec. 20.

Franzen says Bitcoin might be going down to $13K-$11K

About 10 days ago, Caleb Franzen shared a chart with a setup that looked, according to the analyst, like Bitcoin was looking to plunge to the $13,400 or even $11,900 levels.

This level - $13,400 - is the line at which the Bitcoin price closed at its peak in December 2017 after reaching the all-time high around $18,000, and then in 2019, this price line served as the resistance for BTC during the crypto winter.

The analyst has been expecting that to happen since end of July. Still, he admits that this is just a prediction and will not 100% happen.

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Jim Cramer Maintains His Bleak Year Prediction for Crypto

Robert Kiyosaki is grabbing more BTC

As reported by U.Today, on the first day of the new year, the renowned investor in real estate, silver and gold, author of the popular book “Rich Dad, Poor Dad” Robert Kiyosaki, tweeted that he was buying more Bitcoin right then.

He explained that Bitcoin has been classified as a commodity, similar to gold, silver (he invests in both heavily) and oil. Unlike BTC, he said, the majority of other tokens are securities, and he expects SEC regulation to destroy them in the future.

Kiyosaki has been tweeting a lot on Bitcoin since 2020, when the pandemic started, praising it as an antidote to the "dying fake USD." As the pandemic began, the U.S. government and central banks in Japan, the UK, EU, etc., started their stimulus program to support average people and businesses.

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