It’s been a good week for bitcoin, and it may get better. With the first bitcoin futures exchange-traded fund debuting on the New York Stock Exchange on Tuesday, the cryptocurrency is trading at more than $64,000. Following the same path the second largest crypto, Ethereum, is all set to hit $4k any time soon.
Bitcoin Price Analysis
BTC continued upwards to an intraday high of $64,500. It traded close to USD 65,000 before a minor correction came into play. The price declined below $ 64,000, but it remained well supported.
If the BTC price surges above $64,200, the BTC/USD pair might rise towards the $65,000 level. In an extended rally, the flagship currency could head towards the $66,200 level.
On the flip side, the first support lies at $63,500. If the crypto fails to hold this level. The next support level $63,000 will come into play. In the case of The Extended Selling Pressure, the BTC price might decline towards $62,000.
Ethereum Price Analysis
Right now we see that Ethereum is trading at $3,943.14 and is facing resistance near $4000. The recent breakout level above the $3,700 area should now act as support on a near-term pullback.
Any more gains above the $4,000 level could set the pace for a move towards ATH at $4,362.35. On the Flipside If there is a downside correction, the price might find support near the $3,920 level. The first key support is now forming near the $3,800 level.
Bullish Predictions for BTC & ETH
Raoul Pal, CEO of Real Vision and a macro investor, has revealed his massive Bitcoin and Ethereum price expectations for the end of the crypto bull cycle.
In an interview with Anthony Pompliano, the former Goldman Sachs executive predicts that as the crypto markets develop, additional waves of huge capital will enter the industry.
He talks about the big buyers of Bitcoin as he says, It’s the ongoing institutions that buy and he believes there will be an acceleration of that, especially if pricing breaks out, because everyone is like sheep, and they constantly want to follow each other he adds.
Pal goes on to say that the availability of Bitcoin ETFs will make the crypto market more accessible to regular investors, resulting in a “massive” inflow of capital. He also expects additional sovereign wealth funds to invest in Bitcoin.
The macro expert reveals his predictions for where Bitcoin and Ethereum will stand at the end of the year and the current bull market cycle.
“I think Bitcoin, somewhere north of $200,000, and ETH closer to $15,000, but I think we finish the cycle with Bitcoin close to $400,000 and ETH closer to $40,000.”
Pal’s targets for BTC and ETH are 400 percent and 966 percent higher than the current values of the two major crypto assets, respectively.
Pal also believes that as the cryptocurrency gets more widely embraced, markets will become less volatile and less susceptible to evident and pronounced bull and bear markets.
Pal’s targets for BTC and ETH are 400 percent and 966 percent higher than the current values of the two major crypto assets, respectively.
He also believes that as the cryptocurrency gets more widely embraced, markets will become less volatile and less susceptible to evident and pronounced bull and bear markets.
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