Bitcoin & Ethereum Price Predictions: Non-Farm Payrolls Turn Sentiment Bearish — How Low Can BTC & ETH Go?

The crypto markets have been in a state of flux over the past few weeks, with Bitcoin and Ethereum prices both experiencing significant drops. This has been largely attributed to the recent US non-farm payrolls report, which showed stronger-than-expected job growth. As a result, sentiment in the markets has shifted to bearish and investors are now wondering how low Bitcoin and Ethereum prices could go. 

Timeline of Bitcoin, Ethereum

Billionaire investor Tim Draper got a more challenging reception than he anticipated when proposing Sri Lanka, a bankrupt nation, to Bitcoin. Draper was in Sri Lanka on Tuesday, talking with local entrepreneurs about cryptocurrency adoption.

Ethereum [ETH] experienced a price increase before the close of the trading session on 2 February, bringing it to its highest level in more than four months. How did traders respond to it, and how might their responses impact the future price of ETH?

With gains of about 40% in 2023, Bitcoin (BTC) is enjoying the successful start of the year. Therefore, investors are hoping that the crypto can sustain the gains in the coming months.

Top US crypto exchange Coinbase has added the altcoin Liquid Staked Ethereum (LSETH) to its listing roadmap. Liquid Staked ETH is a new “receipt token” investors receive when they stake their Ethereum (ETH) with the Liquid Collective, a liquid staking protocol.

Digital real estate platform Roofstock announced on Friday the successful sale of a rental property in Alabama through a non-fungible token (NFT) enabled by Roofstock onChain (ROC), its Web3 subsidiary. What Happened: The transaction was settled via an NFT marketplace on the Ethereum (CRYPTO: ETH) blockchain built by Origin Protocol.

Bitcoin (CRYPTO: BTC) was trading mostly flat during Friday's 24-hour trading session, holding strong compared to the S&P 500, which was declining about 1% in consolidation. Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) were also trading near their closing price on Thursday, in tandem with the apex crypto.

A widely followed crypto trader says Bitcoin's (BTC) current value of $23,571 offers potential promise for the future. Pseudonymous crypto analyst Rekt Capital tells their 334,500 Twitter followers that BTC's weekly close over $23,400 is a promising sign for the king crypto.

A recent report details that Russia's largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank's blockchain laboratory, said that open testing will begin in March.

According to Glassnode data, the number of Bitcoin wallet addresses holding a non-zero balance could soon hit an all-time high, with the latest price rally that has seen the value of the world's largest cryptocurrency jump nearly 40% this year seemingly drawing in new investors.

The January rebound in equities and knockout employment report may have undermined a few buy-bitcoin narratives, but the real value proposition behind bitcoin lies far beyond Wall Street in emerging markets, where bitcoin is in strong demand.