Bitcoin and Ethereum experienced new record highs on Monday.
The price of Bitcoin once surged to more than $67,700 and exceeded the record set at the end of October. Also, Ethereum blockchain native token exceeded $4,800 for the first time in history.
These crazy moves in the crypto world came on the occasion of a wider rally in the cryptocurrency market. The so-called “Ethereum killers” Solana and Cardano have risen by 23% and 9%, respectively, in the past seven days.
ETF, launched in October, tracking Bitcoin futures contracts linked to the future price of cryptocurrencies, rose more than 8% on Monday.
Although it is challenging to associate short-term price movements with any particular event — and cryptocurrency price charts are usually full of volatility — some analysts believe that Bitcoin and Ethereum will continue to trend upwards in the coming weeks.
Executive director of crypto hedge fund ARK36, Mikkel Morch, stated that the current Bitcoin price of $70,000 seems imminent.
Others have more solid and bold forecasts regarding Bitcoin’s future direction. JPMorgan Chase recently doubled its forecast that Bitcoin will eventually reach $146,000, and this year’s short-term price target is $73,000.
Bitcoin is launching its biggest upgrade in four years next week
The software upgrade is called Taproot. This will bring higher efficiency and privacy during transactions. Most importantly, it will unleash the potential of smart contracts, which is a crucial feature of its blockchain technology.
Additionally, Ethereum has been on the rise since the implementation of Altair. Altair is a network upgrade that went live in late October.
Most people treat Altair as a non-event, Except for validators (those who verify transactions on the Ethereum network). But this upgrade is a critical step in the implementation of Ethereum 2.0 or Eth2. It will fundamentally reform the entire network.
Bitcoin and Ethereum price predictions
Analysts expect Bitcoin to have a bullish trend from now on. In the short term, according to the forecast, Bitcoin is predicted to reach $73,000 by 2022.
Speaking of the long-term, according to JP Morgan, Bitcoin price is predicted to reach $146,000.
However, because of the biggest crypto coin’s fluctuating nature, both a surge of over $146,000 and a drop below $30,000 are possible.
What about Ethereum? The second-largest coin might test resistance at $5,000.
Ethereum’s short- and medium-term prospects remain optimistic, as analysts and market participants expect it to rise in the coming months. Year-to-date, Ethereum’s value has increased by 519%, making it one of the best performing cryptocurrencies. Since this time last year, the price of Ethereum has risen by more than 1,000%.
Currently, a fall back to the level below US$4,650 and the pivot point of US$4,588 will make the first major support level of US$4,536.
However, unless the sell-off continues in the afternoon, Ethereum should avoid levels below $4,500. The second major support is at $4,455.
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