The cryptocurrency markets have dropped slightly today, surrendering a portion of yesterday’s gains. Despite this, most cryptocurrencies are still trading up from their 24-hour lows, but a break of established resistance levels is necessary in order for bulls push the markets up.

Crypto Markets Drops Slightly, Bitcoin Faces Resistance Around $4,000

Yesterday, bulls pushed Bitcoin (BTC) to highs of nearly $4,000 before increased selling pressure halted Bitcoin’s upwards momentum, dropping Bitcoin’s price to lows of $3,700. Bulls then attempted to push Bitcoin to $4,000 again late yesterday, but its price was one again pushed down towards its current levels.

At the time of writing, Bitcoin is trading down 1.3% at its current price of $3,840. If BTC continues getting rejected in the $4,000 region, it is likely that it will drop further and be pushed to previously established support levels that exist throughout the $3,000 range.

Ethereum (ETH) is also facing a growing level of resistance around $150. The Crypto Dog, a popular cryptocurrency analyst on Twitter, shared their thoughts on Ethereum’s recent price action, noting that ETH faces resistance at 0.04 BTC (roughly $151 USD currently).

“$ETH / $USD isn't about to go parabolic, not without $BTC making a major push… $ETH / $BTC is facing serious resistance at .04, it's unlikely we cross it on the first try,” he explained.

At the time of writing, ETH is trading down 2.8% at its current price of $147.4. Over a one-week trading period, ETH is trading up just under 30% from its lows of $115.

XRP has dropped 3.6% today and is currently trading at $0.36. XRP has had a relatively stable week, ranging between $0.34 and $0.38.

What Analysts Think About the Crypto Markets in 2019

Although many analysts offered investors unrealistic predictions for how cryptocurrencies would end 2018 that turned out to be wildly wrong, the advent of more institutional funding into the crypto markets expected in 2019 may make these lofty expectations become reality in the near future.

Tim Draper, a Venture Capitalist, has lofty and somewhat unrealistic beliefs regarding Bitcoin’s price action over the next few years, and expects Bitcoin to hit $250,000 by 2022, which marks a nearly 6,500% price gain.

Mitch Liu, the CEO of Theta Labs, has shied away from price predictions, but believes that cryptocurrencies will gain more widespread adoption as the year goes by.

“The first legitimate national cryptocurrency will be launched, linked to a fiat currency from a G-20 nation. This digital asset will be in high demand for combining the benefits of a digital asset with the stability of a government-backed currency. Mark Zuckerberg's 2018 New Year's resolution to ‘study cryptocurrencies’ will result in one being integrated into Facebook for payments. The only question is whether they will use an existing cryptocurrency or a new one created by Facebook,” he said.

All the cryptocurrencies mentioned in this article are available to trade on covesting.io