Experts Rule Out ETH Meltdown Influencing Bitcoin Price – BeInCrypto

in the last gathering of Cryptocapital of Capital Radio, led by Sergio Fernández, analysts agreed that the Ethereum Fusion “lacks” the necessary strength to boost the price of Bitcoin, but quite the opposite, the bear market and the ups and downs of BTC will push ETH back in price after The Merge.

In the last week, the price of Bitcoin fluctuated between 19,500 and 22,500 dollars; however, after revealing that inflation in the United States stood at 8.3% in August, the price of BTC went from 22,645 to 20,300 dollars, a decline of more than 8.70% in less than 24 hours. ETH’s meltdown rally was not sustained as the cryptocurrency dropped from $1,743 to $1,565, a more than 5.60% crash on September 13.

The last Cryptocapital panel was made up of:

  • Arnau4Bet (@arnau4bet).
  • The Prince (@ElPrincipeAM).
  • Sergio (@RiderOnCrypto).
  • FranX73 (@FranEQUIS73).

The host from the Capital Radio program, Sergio Fernández (@Sergio_fdez_7),

“I remember last year’s Cardano update, there was a hype impressive and I remember that the news came out and down, since then. If that happens with Ethereum, if it goes wrong or is not implemented well, the opposite could happen, it could be negative. The question remains whether the Fusion will work or not. However, the CEO of Pantera Capital mentioned that we are beginning to see the light, perhaps there are beginning to be signs of leaving the bear market”.

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The hype by the Merge is such that the number of Ethereum wallets with more than 1,000 ETH increased to a maximum of 15 months days before The Merge. BeInCrypto reported that the last similar increase in the number of wallets occurred in May 2021. The increase in wallets corresponds with an increase in unique addresses, reported on September 4, 2022.

Experts agree that the rest of the year will be bearish for BTC

Cryptocapital’s panel of experts emphasized that the current bear market and the next bull running they will be different from the past, it is not comparable and that on this occasion, the main cryptocurrency has not had a drop of 85% as in previous years and it coincided that the bear market will continue for the rest of the year, with brief rallies.

“I see it as difficult for the price to reach the $28,000 or $29,000 area and cross it, but I see a lot of chances of going to these levels, which is an area of shorts and to release and return to liquidity again. It is not possible to know if a floor is or not, until we see that the price crosses that zone of 28,000 dollars, we will enter a bull running immediate. My hypothesis is that the price from the last low of $17,000, hits the $28,000 zone, that’s where they’ll catch people and maybe go back to the $17,000 zone or the $14,000 zone.”

Bitcoin continues to generate opinions for and against, such as the one issued by the Nobel Prize in Economics, Eugene Fama, who argued that Bitcoin (BTC) would have value “if used as money”; however, he noted that its volatile nature diminishes its viability as an exchange asset.

Experts Rule Out ETH Meltdown Influencing Bitcoin Price BeInCrypto

The also considered “father of modern finance”, considered that “the market has not realized that Bitcoin has no value” and that “they will probably carry out transactions with it and then quickly abandon it”, arguing their doubts about the cryptocurrency more biggest of the world.

Meanwhile, the Cryptocapital panel highlighted the following:

“If we don’t break through $17,000 hard and break through $18,000, we’ll go straight to $14,000. There is a lot of indecision and we have to wait and see. That possibility cannot be denied. After the latest news, I expected a lower price. The next six months we will not go as high, maybe a slight improvement, but it is more likely that we will be slightly worse than better. There has been a small recovery, but there is still a long way to go to find that ground”.

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Experts Rule Out ETH Meltdown Influencing Bitcoin Price – BeInCrypto