- Bitcoin will be converted into $100,000 as companies adopt BTC as a form of payment.
- Ethereum is looking for higher support, preferably above $1,700, to focus on $2,000.
- Ripple must break above the $0.5 resistance in preparation for a rally to $0.75.
The uptrend in cryptocurrency continues to gain momentum to attract new institutional investors, especially to Bitcoin. The leading cryptocurrency traded between $30K and $40K for most of January.
However, Monday’s massive breakout saw BTC reach a new all-time high of $48,000 after being pumped by news that Tesla had bought $1.5 billion worth of BTC.
Ethereum delayed its breakout but rose above $1800 for the first time in history. The largest cryptocurrency is expected to continue with the upside above $2000 in the next few days.
On the other hand, Ripple reached levels above $0.45 but failed to rise to the yearly high at $0.75. Binance Coin surged close to $100, and the prediction was validated on Monday. Other cryptocurrencies that perform incredibly well include Tron, Bitcoin SV, Terra, and IOTA.
Bitcoin can double in value to $100,000
According to Michael Novogratz, CEO of Digital Galaxy, Bitcoin could reach $100,000 by the end of 2021. And the adoption mostly driven by companies will support the increase in value.
Tesla Inc. has taken Already the way for Bitcoin, allowing customers to buy its electric cars with BTC. Novogratz thinks you’ll “see every company in America doing the same.” The trend is starting to shift, says the founder, “You see the herd here, and it’s coming.”
Meanwhile, Bitcoin is trading at $46,445. The task is to secure support, preferably above $45,000. This will allow buyers to join the market as they look to higher highs of up to $100,000.
A possible golden cross pattern on the 4 hour chart will validate the bullish trend, at least above $50,000. The pattern will be manifested by the crossing of the 100 Simple Moving Average (SMA) above the 200 SMA.
4 hour chart BTC/USD
Ethereum extends its rally to new highs
Ether pulled back a bit after hitting an all-time high of $1,827. The run to this price level occurred just a day after the launch of the CME Ethereum futures contract. Meanwhile, the support is above $1700, and today’s close above $1800 would shoot Ethereum towards $2000.
The bullish outlook looks strong, hence the possibility of Ethereum remaining on the bullish trajectory. A previous look at Ethereum revealed that whales are on a buying spree, adding credence to the upside.
ETH/USD 4-hour chart
It is worth noting that the increase in conversation about Ethereum on social media is a bearish signal and could hold back a rally to all-time highs above $2000.
Ripple fights for another penetration
Ripple price is stable above $0.45 after resuming the upward trend from $0.35. Investors remain skeptical in the wake of last week’s massive drop. At the moment, attention is directed to the breakout of the resistance at $0.5.
Trading above this critical level could renew the upside to $0.75 as long as investors can ignore the uncertainty due to the lawsuits against Ripple Labs Inc. Moreover, stability above the middle boundary of the Bollinger band will add credibility to the bullish momentum.
4 hour chart XRP / USD
On the other hand, Ripple’s upside is not guaranteed especially with the resistance at $0.5. The consolidation period is likely to take over if the price settles above the middle boundary of the Bollinger Bands. In the event of dips, temporary support levels are $0.4, the 200 SMA and last week’s primary buyers congestion area at $0.35.