- Bitcoin to roll to $100,000 as companies adopt BTC as a form of payment.
- Ethereum is searching for higher support, preferably above $1,700, to focus on $2,000.
- Ripple must break above the resistance at $0.5 in preparation for a rally to $0.75.
The cryptocurrency bull run continues to catch momentum attracting new institutional investors, especially to Bitcoin. The pioneer cryptocurrency pivoted between $30,000 and $40,000 for most of January.
However, a massive breakout on Monday saw BTC hit a new all-time high at $48,000 after being pumped by the news that Tesla bought $1.5 billion worth of BTC.
Ethereum delayed its breakout but rallied above $1,800 for the first time in history. The largest altcoin is expected to continue with the uptrend above $2,000 in the coming few days.
On the other hand, Ripple hit levels above $0.45 but fails to rise to the yearly high of $0.75. Binance Coin rallied close to $100, validated the prediction on Monday. Other altcoins performing incredibly well include Tron, Bitcoin SV, Terra and IOTA.
Bitcoin could double in value to $100,000
According to Michael Novogratz, the CEO of Galaxy digital, Bitcoin can hit $100,000 by the end of 2021. Adoption pioneered by companies will mostly support the upsurge in value.
Tesla Inc. has already taken the Bitcoin route, allowing customers to buy its electric vehicles using BTC. Novogratz reckons that “you’re going to see every company in America do the same thing.” The founder says that the trend has started shifting, “you’re seeing the herd here, and it’s coming.”
Meanwhile, Bitcoin is exchanging hands at $46,445. The mission is to secure support, preferably above $45,000. This will allow buyers to join the market as they eye higher highs towards $100,000.
A potential golden cross pattern on the 4-hour chart will validate the uptrend, at least above $50,000. The pattern will be manifested by the 100 Simple Moving Average (SMA) crossing above the 200 SMA.
BTC/USD 4-hour chart
Ethereum extends rally to new record highs
Ether has retreated slightly after hitting a new all-time high of $1,827. The run to this price level has occurred barely a day after the CME Ethereum futures contracts launch. Meanwhile, support is located above $1,700 and closing the day above $1,800 will catapult Ethereum towards $2,000.
The bullish outlook seems strong hence the possibility of Ethereum staying on the upward trajectory. An earlier look at Ethereum revealed that whales are on a buying spree, which adds credibility to the uptrend.
ETH/USD 4-hour chart
It is worth noting that the increase in the conversation surrounding Ethereum on social media is a bearish signal and could hinder the spike to new all-time highs above $2,000.
Ripple fights for another breakout
Ripple price is settling above $0.45 after resuming the uptrend from $0.35. Investors are still skeptical following the massive plunge last week. For now, attention is being channeled to breaking above the resistance at $0.5.
Trading above this crucial level may renew the uptrend eyeing $0.75 as long as investors can ignore the uncertainty due to the lawsuits filed against Ripple Labs Inc. Moreover, holding above the Bollinger band middle boundary will add credibility to the bullish momentum.
XRP/USD 4-hour chart
On the other hand, Ripple’s uptrend is not guaranteed especially with the resistance at $0.5. A consolidation period is likely to take over if the price holds above the middle boundary of the Bollinger bands. In case of declines, tentative support levels are $0.4, the 200 SMA and last week’s primary buyer congestion zone at $0.35.