Tags: Crypto Market
BTC, XRP, and ETH, bitcoin

Price Analysis: BTC, USD, ETH,

According to Analysts, Bitcoin started its turn toward a new all-time high. The sideways action from altcoins shows that traders started to shift their funds into BTC.

Yesterday, Bitcoin resumed its rally and rose near to $58,000, which marked an almost 100% recovery from the fall in May. It also shows that China`s regulatory action can only affect temporarily.

In the past few weeks, the decisive rally in Bitcoin managed to boost sentiment. In the meantime, analysts project a six-figure increase. Head of developing market currency research at Standard Chartered, Geoffrey Kendrick, expects Bitcoin to surge to around $100,000 next year.

The founder of Gokhshtein Media and PAC Global, David Gokhshtein, seems even more optimistic as he anticipates Bitcoin to reach around $100,000 before this year. In the current cycle, Trader Rekt Capital and Analyst assumes that Bitcoin will increase even higher than $100,000.

Pairs

BTC/USDT

Bitcoin’s long candlewick from yesterday reveals that bears` failure to move the price below $52,930 appears to have strengthened the bulls. However, they sold at higher levels.

Today, it experienced aggressive buying that pushed the price above the intraday high at $56,561.32 from yesterday. It cleared the path for a potential rally to around $60,000. The rising 20-day EMA (equal to $50,197) and RSI in the overbought zone show that bulls seem to be in control.

The BTC/USDT pair might challenge their high at $64,855 if bulls managed to push the value over $60,000. 

The initial sign of vulnerability will be close under the breakout level at $52,922, suggesting that traders maintain higher profits. 

ETH/USDT

Yesterday, Ether turned down, but the bulls aggressively bought the drop on Oct. 11. 

If bulls manage to push and close the price over the neckline, the inverse H&S pattern will complete. This reversal setup has a target of $4,658.

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