Bitcoin and Ethereum Price Prediction: Can BTC and ETH Bounce-Off With the 38.2% Fibonacci Retracement?

cryptonews.com:

Bitcoin has continued its downward trend and has now slid below $22,000, while the global cryptocurrency market cap is on the verge of falling below the $1 trillion mark. Most cryptocurrencies, including Bitcoin and Ethereum, have seen drops in the past few days. 

These declines were triggered by the US-based Kraken crypto exchange's decision to discontinue its staking service and pay a $30 million penalty to the SEC for failing to register the business. As a result, the cryptocurrency market has been negatively impacted, leading to the loss of BTC.

On a positive note, the optimistic remarks made by several notable figures about Bitcoin prices are seen as a key factor in preventing further losses for BTC. Pantera Capital CEO Dan Morehead, for instance, believes that despite some market pessimism, Bitcoin has already commenced its next bull market cycle.

Meanwhile, Adam Back, the co-founder of Blockstream, is optimistic that Bitcoin (BTC) will rise in value to $10 million within the next nine years, increasing its market size to over $200 trillion. Additionally, Bitcoin mining firms such as Core Scientific, Riot, and CleanSpark experienced a surge in their cryptocurrency production in January. This is viewed as another critical factor that may aid in limiting the losses of BTC prices.

In this post, we will examine the possibility of Bitcoin and Ethereum bouncing off with the 38.2% Fibonacci retracement and the potential implications for their prices.

The global cryptocurrency market has experienced a substantial sell-off, and there is a possibility of it falling below the $1 trillion mark. Bitcoin (BTC) was unable to surpass the $22,000 threshold over the weekend and is currently trading well below that level. Other popular