Bitcoin Price and Ethereum Prediction: BTC Fails to Break Above $23,725, What's Next?

cryptonews.com:

Bitcoin and Ethereum, the two biggest cryptocurrencies in terms of market capitalization, are still attracting the interest of traders and investors worldwide. As the Asian trading session unfolds, the crypto market remains relatively stable, with BTC hovering just above the $23,000 level and ETH rebounding beyond $1,600. 

The major cryptocurrencies, including Bitcoin and Ethereum, are trading within tight price ranges as market participants brace themselves for a busy week ahead, amid the lack of volatility. 

Before examining the technical outlook, let's take a quick look at the market's fundamental aspects.

According to Chris Burniske, a venture financing company Placeholder partner, Stacks (STX), an altcoin aimed at increasing the utility of Bitcoin (BTC), has massive upside potential. Burniske claims that Ethereum's (ETH) layer-2 ecosystem has attracted significant amounts of new capital and attention, while Bitcoin has been left behind due to the abandonment of efforts to make its flagship blockchain programmable. 

However, with limited competition in the field, Burniske believes that Bitcoin's layer-2 ecosystem is nearing its peak, which would benefit STX. STX is currently valued at $1.36 billion in fully diluted network value (FD NV), or 0.28% of BTC NV. Burniske suggests that a repricing to match MATIC's relative price to its layer-1 would indicate a 23X increase, which does not account for Bitcoin appreciation.

According to investor Chris Burniske, Bitcoin's layer-2 ecosystem is nearing its peak, and the lack of competition in this space could benefit Stacks (STX), a project aimed at increasing the utility of Bitcoin. If STX sees significant gains, it could lead to increased interest in Bitcoin's programmability,