Bitcoin and Ethereum rallied early Friday although support for the largest coins by market cap “may begin to weaken”, analysts said.
Bitcoin inched higher, gaining 1.75% and is currently changing hands at US$20,892. Ethereum, the second-largest coin by market cap, rallied 3.58% and is currently trading at US$1,139.
According to Naeem Aslam, a market analyst at Avatrade, the market may see Bitcoin fall to US$15,000.
“In the crypto world, consolidation is the word that comes to mind when one looks at Bitcoin’s price action,” Aslam said. “It doesn’t give a great deal of confidence to bulls because Bitcoin prices are heavily oversold, and we should see much stronger bids."