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Bitcoin and Ethereum. What to expect: massive sales or the beginning of growth?

Bitcoin and Ethereum

Bitcoin and Ethereum. What to expect: massive sales or the beginning of growth?

Bitcoin and Ethereum await important events – the unlocking of GBTC shares and the London hard fork. How will this affect the quotes of digital assets?

The first is the completion of the six-month period for which the shares of the Grayscale Bitcoin Trust (GBTC) fund are blocked. About 40 thousand BTC will be unlocked in the amount of $ 1.4 billion, which may have an impact on the bitcoin rate. The second event is the Ethereum London hard fork, which is scheduled for August 4th. This update will take place as part of the transition of the cryptocurrency to protocol 2.0.

Vacation season

Both July separately and summer as a whole are most often characterized by reduced business activity, as it is traditionally the holiday season. That is why the probability of some kind of price surge in the largest cryptocurrencies in terms of capitalization is now quite low.

Activity in the market can be provoked either by a breakdown of the support level in the region of $ 30 thousand by bitcoin, which will entail massive sales or at the beginning of next month, waiting for the successful implementation of the Ethereum London fork, which will lead to an increase in the cost of altcoin and a reduction in the share of bitcoin in the total market capitalization.

Historically August has been one of the worst months for Bitcoin. Therefore, in July it makes sense to expect at least trading in a narrow range, which is observed near the level of $ 30,000. At the same time, no major drop is expected due to the unblocking of GBTC shares. According to a report by QCP Capital, this has happened a number of times, and there hasn’t been a massive sell-off in the past.

Altcoin season is not over yet

Ethereum is likely to continue to rise thanks to the hard fork expectations. Bitxmi experts are confident that altcoin miners can benefit from the London update, as the EIP 3554 proposal will freeze the mechanism for increasing the difficulty of altcoin mining, launched back in 2015.

It is planned that the freeze will last approximately 10 months from the date of the update, and then it will be lifted or extended, so no shocks associated with Ethereum miners are expected until spring 2022.

An impulse can be triggered by a news item or a tweet.

The price of bitcoin is now in a narrow corridor, recalled the CEO of the Cryptorg crypto exchange Andrey Podolyan. For bulls, the key target is the level of $ 36 thousand. If it is broken, a movement in the range of $ 45-47 thousand may begin.

For bears, an important level is $ 30 thousand. If it is broken, a movement to the $ 24-22 thousand area may develop.

Unlocking GBTC stock should not result in an instant reaction in the BTC market. Bright news or a tweet from a famous character can provoke an impulse now, according to BitXmi experts.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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