Buying Bitcoin (BTC) and Ethereum (ETH) Right Now Could Be a Costly Mistake, Analysts Warn

Bitcoin price has spent more than a week moving inside a narrow range, and Ethereum has followed a very similar path. That kind of price action often appears before a larger move, which leaves investors asking the same question. Has the market finally found its bottom, or is another drop still waiting ahead?

BTC has traded mostly between $58,000 and $60,000 during the past 8 days. ETH price has remained close to the $1,500 to $1,600 range over the same period. Stable prices can sometimes mark the beginning of a recovery. Several analysts, however, believe this calm period could become a dangerous trap before the market reaches a true bottom.

Bitcoin Analysts Remain Divided on Whether BTC Price Has Found Its Bottom

Several market analysts agree that Bitcoin price may bounce from current levels. Their opinions begin to differ once that rally starts.

Crypto analyst Shelpid believes any recovery toward $70,000 could tempt many buyers into believing the worst is over. His view is that such a move would create optimism across the market before larger holders begin selling into strength.

Shelpid expects Bitcoin to revisit the $70,000 area because an unfilled gap remains there. He believes distribution could happen around that level before BTC price falls below $59,000. His longer-term target sits between $38,000 and $44,000, which he believes could become the real cycle bottom.

Another analyst known as Philanthrop shares a similar roadmap, although his price targets differ slightly.

He expects Bitcoin price to climb toward $66,000 first. That recovery could last several days before BTC breaks below $58,000 and eventually reaches the $44,000 region. Philanthrop believes that lower zone offers a much stronger accumulation opportunity than current prices.

Not every analyst expects another major decline. Ali Charts points to on chain data that paints a more constructive picture for Bitcoin. He explained that buying activity has increased across nearly every wallet category during the past month. Smaller investors have increased purchases, and larger holders between 1,000 and 100,000 BTC have also returned as net buyers after months of selling.

Ali Charts noted that similar buying behavior has often appeared close to important market bottoms. That pattern gives Bitcoin a stronger technical foundation if buyers continue defending current price levels.

Ethereum Analysis Shows A Lower Buying Zone Could Offer Better Value

Ethereum price has remained trapped inside its own narrow trading range. Some analysts believe patience could still reward investors with a better entry.

Ali Charts believes Ethereum’s strongest historical support remains close to $1,100. That level has acted as the lower boundary of Ethereum’s long-term price channel since 2021.

His analysis shows previous tests of that support attracted aggressive buying. Another successful defense could create a similar setup.

Ali Charts believes a recovery from that region could eventually send ETH price toward $3,000 as an initial target. A stronger market cycle could later open the door to prices near $5,000 if Ethereum returns to the upper boundary of its long term channel.

That outlook does not guarantee Ethereum will revisit $1,100. It simply identifies the level that has produced some of the strongest recoveries during previous market cycles.

Bitcoin And Ethereum Price Levels Could Decide Today’s Direction

Short term price action now depends on whether Bitcoin and Ethereum can break above nearby resistance levels.

A look at the Bitcoin chart shows immediate resistance near $61,050. A successful break above that level could push BTC price toward $62,000 before today’s session ends.

Failure to clear that resistance could leave Bitcoin trading below $61,000 for the rest of the day. Another move back toward the upper $50,000 region would become possible if sellers regain control. A break below $58,000 would strengthen the bearish case and could open the door to another leg lower.

Ethereum price appears to be pushing above resistance near $1,620. That breakout needs to hold as support before buyers can gain confidence.

Successful support at that level could allow ETH price to climb toward $1,660 today. Stronger buying pressure could even extend that recovery beyond the initial target. Failure to hold above $1,620 would weaken that outlook, and a move below $1,600 would place Ethereum under fresh bearish pressure.

Read Also: Crypto Price Prediction for Today, July 2: Dogecoin (DOGE), XRP, and Stellar (XLM)

Bitcoin and Ethereum have entered a period where both bullish and bearish arguments carry weight. Some data show accumulation has already started, while some analysts expect one final washout before the next major recovery begins.

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