The cryptocurrency market is facing another significant decline, with major assets like Bitcoin (BTC) and Ethereum (ETH) struggling to hold key support levels. As of now, Bitcoin is trading around $95,896, marking a 0.64% daily drop, while Ethereum has fallen below $2,800, sitting at $2,725 after a 3.50% decline in the last 24 hours. The total crypto market cap has shrunk by 1.65% to $3.15 trillion, largely due to recent security breaches affecting investor sentiment.
Market Crash Fueled by Security Breaches
A series of high-profile hacks have contributed to the latest downturn. The Bybit hack, resulting in a staggering $1.4 billion ETH loss, sent shockwaves through the market. Though Bybit CEO Ben Zhou confirmed the full recovery of the stolen funds, the market remains sluggish. Additionally, the Infini hack, which saw $49.5 million in USDC stolen, has exacerbated the bearish momentum, leading to further uncertainty among investors.
Analysts Predict a Rebound for BTC and ETH
$BTC should have a interesting week…🤔 pic.twitter.com/Wrc2dQFj1U
— G (@CarefreecryptoG) February 23, 2025
Despite the current dip, technical analysts remain optimistic about Bitcoin and Ethereum’s long-term performance. Prominent analyst CarefreecryptoG identified a symmetrical triangle formation on Bitcoin’s hourly chart, hinting at a possible breakout. Similarly, Crypto Rover has forecasted a bullish move for Ethereum, predicting an eventual surge to a new all-time high of $9,000. Historically, both BTC and ETH have shown resilience in the face of downturns, leading some investors to view the current dip as a potential buying opportunity.
Will Bitcoin Turn Green Before February Ends?
❇️ February is typically a green month for Bitcoin – However, to avoid becoming the third red February in history, $BTC needs to close the month higher than 🎯$102,500 pic.twitter.com/yv1DjfWUNn
— CryptosRus (@CryptosR_Us) February 23, 2025
According to CryptosRus, February has traditionally been a bullish month for Bitcoin, with the exception of 2014 and 2020. However, this year’s February has seen BTC post a 6.41% decline. Analysts suggest that if Bitcoin can close the month above $102,500, it could avoid becoming the third red February in its history.
Looking ahead, Ethereum is expected to enter a parabolic growth phase in the first quarter of 2025. Crypto investor Coinvo pointed out Ethereum’s historical pattern of massive Q1 gains in every fourth year, citing returns of 58.14% in 2017 and 160.7% in 2021. If this trend repeats, ETH could see substantial growth in early 2025.
Also Read: Cardano’s Bold Move: Hoskinson Unveils Game-Changing Bitcoin DeFi Solution
As market conditions remain uncertain, traders and investors are closely watching Bitcoin and Ethereum’s price movements, hoping for a strong rebound in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
