Major coins traded in the green on Monday late evening, as the cryptocurrency market capitalization rose by 2.79% in the last 24 hours to $1.13 trillion.

What Happened: The largest cryptocurrency by market value, Bitcoin (CRYPTO: BTC), was trading up over 3% at $24,882 and Ethereum (CRYPTO: ETH) was changing hands at $1,701, up 2.22% in the last 24 hours. Dogecoin (CRYPTO: DOGE) was up 1.88% in the last 24 hours, trading at $0.088. 

U.S. equity markets were closed on Monday on the occasion of President’s Day.

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As investors look ahead to Coinbase's (NASDAQ:COIN) upcoming earnings report, expectations are muted given recent regulatory pressure from the US to limit banking access for cryptocurrency operations. 

Analyst Notes: Cryptocurrency analyst Michaël van de Poppe said corrections in Bitcoin are likely to remain relatively shallow. He predicts Bitcoin may reach $35,000 to $40,000 before a “harsh correction” to $20,000 to $25,000 in the second half of 2023. 

Corrections remain to be relatively shallow.

I think that we'll continue the run towards $35-40K before we'll have a harsh correction, maybe even to $20-25K.

Maximize profits, start allocating towards $USDT the higher we come, buy on the correction in second half of 2023.

— Michaël van de Poppe (@CryptoMichNL) February 20, 2023

Pseudonymous analyst Kaelo believes ETH/ BTC ratio still looks like trash. According to him, as Bitcoin pushes past the $25,000 range and begins to accelerate upwards, it's likely that we'll see a significant impact on altcoins when compared to Bitcoin.

$ETH / $BTC ratio still looks like trash.

When Bitcoin finally starts accelerating above this $25K range, I still believe we’ll see real pain for alts vs BTC.

USD values will still climb, but Bitcoin will remind everyone it’s the king of bear market rallies. pic.twitter.com/dgPIETWdzE

— K A L E O (@CryptoKaleo) February 20, 2023

Analyzing the on-chain data, analyst Benjamin Cowen predicted Bitcoin could remain within a set range for the majority of 2023. The indicator Cowen used suggests that this range could theoretically extend all the way to 2024 prior to a sustained bull market rally.

“I would argue that what you’re most likely going to see this year is a recovery year, where you spend about half the time moving higher, and half the time moving lower. You can break that up in different months, so you know 2018, 2014, 2022, we had like eight or nine red months, but in the recovery years, it’s split more or less half and half," Cowen said. 
"And I think you’re likely going to see the MVRV Z-score score do something like that, where it comes back above the zero line like it is right now, and eventually it probably comes back below it again. And we just spend some time consolidating.”

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