On December 9, 2024, the cryptocurrency market experienced a significant downturn, with daily liquidation volumes exceeding $1.7 billion. Experts at Cryptology.Key shared their insights and provided forecasts for Bitcoin and Ethereum price movements.

Bitcoin

Bitcoin’s price recently hit $104,000, signaling that a correction phase may be underway.

Weekly “equal levels” suggest a downward trend as the week begins. The ideal scenario would involve a price drop to the $89,000–$90,000 range, followed by consolidation, which could fuel a surge in altcoin activity.

Ethereum

The market-wide downturn has created an opportunity for recovery. Cryptology.Key sees two potential timelines for this recovery: either by the end of December 2024 or mid-January 2025.

Each subsequent test of support presents a chance to open additional long positions in futures, potentially leading to a new all-time high.

Ethereum’s price has reached a trigger zone. In this area, the focus shifts to finding strength and closing the weekly candle above the $3,700 level. There is a strong possibility that the weekly low has already been formed.

If Ethereum closes the week above 0.04114 BTC, this could signal the start of a bull run.

USDT

The nearest lows have already been swept. A correction toward the 4.29% level is expected next. At the same time, the upward price momentum is being closely monitored. Whether the price tests the 4.67% zone remains uncertain.