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Bitcoin’s price is expected to reach $60,000 by Saturday

Since breaking out of the consolidation to create higher highs, the Bitcoin price has been uptrend. Unfortunately, the BTC price is gradually plunging into a negative trap after sustaining a substantial increase for the past few days. On the other hand, the drop below $57,000 may be viewed as a healthy correction, with a rebound still possible.

Chart by Tradingview

Although the price is dropping significantly, it is still likely to bounce to or near $58,268. These levels represent local support levels, and they tend to switch each time the price visits them. As a result, if the pattern holds, the price might rapidly rise to $60,000 soon.

The price of Ethereum is falling

The bulk of tokens are currently sinking into the bearish trap, losing a significant portion of their gains. As Bitcoin prices plummeted below $57,000, Ethereum prices followed suit, plummeting below $3,500. On the other hand, Buyers look well-positioned, attempting to keep the ETH price from falling below the $3373 support level.

Chart by Tradingview

The asset has sunk below the 200-day moving average and is approaching support levels. Despite a narrow trend, the price is still moving in a favorable direction. The current consolidation above these levels, on the other hand, suggests that a healthy upswing is on the way. These factors could push the price close to $4000 soon.

On the other hand, the rising Bitcoin domination is thought to represent a threat to the much-anticipated altseason. Indeed, if the dominance rises above 48 percent, altcoins may suffer as the BTC price rises towards its all-time high. As a result, after Bitcoin settles or goes sideways, altcoins like Ethereum (ETH) should anticipate rising value.

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