Bitget Predicts Uncertain Market Trends for Major Cryptocurrencies

Bitget's latest price prediction analysis suggests that Bitcoin's relief rally may be a temporary trend rather than the start of a new bull phase. According to Coinbureau CEO Nic, BTC's price relative to gold has historically taken about 14 months to go from peak to bottom, and the current decline is around 13 months.

The analysis also notes that several major altcoins have turned down from their overhead resistance levels, indicating that bears remain in control. Ethereum (ETH) cleared the $2,111 resistance level but was rejected, while Binance Coin (BNB) turned down from the $670 level and is facing bearish momentum.

Other cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Bitcoin Cash (BCH), Hyperliquid (HYPE), and Monero (XMR) are also experiencing bearish trends. The analysis suggests that these altcoins may be range-bound or facing further decline.

It's worth noting that not all analysts agree on the current market trend. On-chain analytics company CryptoQuant said that BTC is in a bear market according to their Bull Score Index, which remains deep in bearish territory.