What will happen to Bitcoin and Ethereum

[HowardPam]

Over the past week, the ether rate has grown by 45%, bitcoin - by almost 20%. Experts answered one of the main questions of traders and investors - what to do with assets now, will they continue to rise in price or will a correction begin

On the night of Tuesday, January 5, the cost of bitcoin on the Binance crypto exchange exceeded $ 32.8 thousand, now it is $ 31.2 thousand.Over the past day, the cryptocurrency has risen in price by 6%, over the week - by almost 20%. On January 3, the price of the coin renewed its historical maximum of $ 34.7 thousand.

At the same time, on the morning of January 4, the rate of the largest altcoin in terms of capitalization, Ethereum, reached $ 1.1 thousand for the first time since February 2018.The breakdown of the psychological resistance level of $ 1,000 could pave the way for the cryptocurrency to a historical maximum of $ 1.4 thousand, the director of development warned EXMO exchange Maria Stankevich. However, according to her, a decline in the rate to $ 1,000 and below in the near future may provoke a further drop to $ 838.

Regarding bitcoin, Stankevich stressed that she does not expect a strong correction. Firstly, large crypto investors do not sell their coins, but, on the contrary, take liquidity from the exchanges, which has a positive effect on the rate. Secondly, despite the rather strong information noise around bitcoin, the number of daily new BTC addresses has not yet reached the level of 2017. And this means that the growth of bitcoin is largely organic, and not viral, the expert explained. Thirdly, the boom in open purchases of bitcoin by institutions has pushed the rate up quite strongly, but in addition to large funds, government agencies have begun to create reserves in bitcoin.

Currency.com financial analyst Mikhail Karkhalev added that he does not yet see sufficient pressure from bitcoin sellers to start a rate correction. Even when it dropped to $ 27.7 thousand, from $ 28 thousand to $ 30 thousand, bitcoin was actively redeemed, providing him with support.

“In my opinion, only if the price breaks down $ 30 thousand again, BTC will go for a deeper correction, perhaps even to $ 24 thousand. However, even in this case, there will be an excellent opportunity to buy bitcoin for $ 24 thousand. It makes sense to sell now I do not see. The same goes for ether. If it falls below $ 975, the road will open for a deeper correction around $ 750. But as in the case of BTC, this will be an excellent opportunity to buy ETH cheaply, ”Karkhalev said.

According to him, in order for Ethereum to update its historical maximum in the coming days, it needs to rise above the local peak of $ 1.1 thousand. This situation is real, given the dynamics of growth in recent days, the analyst said. He added that he expected to see the current marks no earlier than in March, perhaps even April.

“There is really a lot on the crypto market today,” the expert noted.

Earlier, JPMorgan strategists predicted that in the long term the price of bitcoin could exceed $ 146 thousand. They warned that speculative mania could not be ruled out, which in the near future could push the rate of the first cryptocurrency at $ 50-100 thousand. However, such price levels will turn out to be unstable.


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[Williamdug]

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[Olivkaa]

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[BrandonNup]

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