The cryptocurrency markets are now bracing for a significant price impact. With the brewing Israel-Iran war looming over, the financial domains of the world are gearing for a transformative phase to enter their lives.

This change may compel significant tokens to note a dip in their prices. However, the market tends to recover and deliver stellar returns with time. Here are the two top coins one should stash during times of crisis for better returns soon.

Also Read: Bitcoin May Hit $38K Amid Israel-Iran Conflict

Two Coins to Stash During Times of Economic Distress

1. Bitcoin (BTC)

Bitcoin is dubbed the king of cryptocurrencies for a reason. The entire crypto market is governed by Bitcoin.

The way BTC moves and maneuvers determines the price path of different altcoins. With the looming Israel-Iran War crisis, the speculatory spree on X hints at a potential BTC dip. This dip, triggered by the war, may compel BTC to hit as low as $38K.

Since Bitcoin helms the entire crypto sector, the aforementioned price dip may be a lucrative time for investors to buy the precious coin before it shoots back up.

The crypto market is known for its volatility. The market tends to heal and recover with time, offering stellar returns. Hence, stashing Bitcoin during times of distress may prove beneficial in the long run.

According to CoinCodex, Bitcoin is also inching towards claiming $100,000 by the end of 2024.

“Bitcoin is forecast to trade within a range of $59,028 and $110,376. If it reaches the upper price target, BTC could increase by 89.01% and reach $110,376.”

Also Read: Crypto Events: Stay Ahead by Watching Key Events This Week

2. Ethereum (ETH)

Ethereum is another notable cryptocurrency that tends to maintain calm during acute economic distress.

Considering its long-term benefits, the ETH ecosystem is often dubbed a beacon of hope. Its underlying technology and its potential to replicate real-life use cases make Ethereum a great coin to stash during times of economic stress.

As the second largest cryptocurrency by market cap, Ethereum has stretched its roots far and wide, which makes it a coin worth stashing during times of significant geopolitical change.

Bitcoin and Ethereum are two coins that run the sector in its entirety. Once the fluctuations subside, these coins will be the first to amass gains, helping their holders avail significant returns.

According to CoinCodex, Ethereum may see a significant price uptick by the end of 2024. ETH may trade at a staggering price level of $4,136.16.

Also Read: ASEAN Limits Chinese Imports: Impact on Chinese Yuan?

“Ethereum is forecast to trade within a range of $2,547.81 and $4,136.16. If it reaches the upper price target, ETH could increase by 60.57% and reach $4,136.16.”

Crypto Daily – (BTC) closed the week above $58,000. Late summer months are usually not easy for the bulls, therefore look for $BTC to continue to chop sideways, at least for this coming week.

More sideways price action

After a great recovery last week, following the yen carry trade sell-off, the end of the week saw the $BTC price head lower again, and the weekend also contributed to further sell-offs in price, which has brought $BTC back down to the $58,000 level.

Early trading on Monday saw $BTC fall as low as $57,700, before recovering. With the weekly stochastic RSI (momentum indicator) still heading to the bottom, it might be expected that the rest of this week sees $BTC traversing sideways, and perhaps further downwards.

On Tuesday and Wednesday, the U.S. government will release PPI and CPI inflation figures. While no big changes here are expected by the market, $BTC could suffer some higher volatility around this time.

Short term bounce inbound?

In the short term time frame of the 4-hourly, it can be noted that the $BTC price has nearly gone as far down as the 0.382 fibonacci at around $57,500. If the price is to continue to bounce from here, that would be bullish. However, if the price does continue down, the 0.618 fibonacci should provide support below at $54,300.

$62,000 and possibly $65,500 to come

Looking at the bullish case for $BTC, and taking the fibonacci levels for an upside move, it can be seen that the $BTC price has based nicely at $54,000. Currently the price is resting on the $58,000 support, so a bounce from here would retry the 0.618 at the $62,000 level, and then if successfully held above, $65,500 is the 0.786 fibonacci target.

$58,000 critical support level

Finally, zooming right out into the weekly time frame, this macro chart shows just how important it is that $BTC holds at $58,000. This level was important support and resistance at the top of the last bull market, and this is playing its part in this particular bull market.

The very long wick down, from all the selling and then buying of $BTC last week, is likely to be a major bullish factor for upside price momentum. That said, the weekly and 2-weekly stochastic RSIs still have at least another week before they bottom, and then there could be a week or two for confirmed upside crosses of the indicators to take place. Momentum is coming, but we may need to wait until September before it really kicks in.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This content was originally published on Crypto Daily