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Bitcoin (BTC) will trade between $20,000 and $50,000 according to top Cryptocurrency analyst Simon Peters of eToro.
In other trending Crypto news today:
Ethereum (ETH) Just Saw A Key Technical Breakout And $230 Seems Imminent
Since March’s capitulation lows of $3,700, Bitcoin has performed extremely well, recently rallying to $10,000.
It’s a level that BTC has traded above only for 5% of its history.
The move from the lows has undoubtedly been impressive, with Bitcoin attracting mainstream media attention as the world grapples with a recession.
Though analysts remain optimistic, asserting that new all-time highs past $20,000 are likely in the years ahead.
Analysts touting this sentiment include Galaxy Digital’s Mike Novogratz, Raoul Pal of Real Vision, and Dan Morehead of Pantera Capital — all former institutional traders turned crypto bulls.
There are also individuals like the Winkelvoss Twins, who are behind the Gemini crypto exchange, who buy into this as well.
Another is Simon Peters, analyst at eToro who told Bloomberg that in the next 18 months, Bitcoin will trade between $20,000 and $50,000.
For most of these individuals, the bullish sentiment comes down to one thing: central banks and governments.
Over the past few weeks, to respond to the growing economic crisis caused by the outbreak of COVID-19 and the subsequent lockdowns, the world’s monetary and fiscal authorities have printed trillions of dollars.
The Federal Reserve alone has added over $2 trillion to its balance sheet in the past two months, while the White House has signed off on trillions of dollars worth of stimulus.
The aforementioned Bitcoin proponents expect this macroeconomic trend to rapidly prove the value of a scarce and decentralized asset.
As Novogratz explained in a recent CNN interview:
“We have quantitive easing over quantitative easing all over the world, not just in the U.S. […] On the flip side, Bitcoin’s halving is basically ‘quantitative tightening’. So you have this exclamation point on the story of a scarce asset.”
Ethereum is up more than 5% and it broke the key $205 resistance against the US Dollar.
ETH price remains well supported and it is likely to continue higher towards $230.
After forming a strong support base above $192, Ethereum price started a fresh increase against the US Dollar.
Bitcoin price also gained pace towards $10,000, resulting in an upside break above the $200 resistance zone.
The price surged above the $205 resistance and the 100 hourly simple moving average.
Ether is up more than 5% and it is now trading near the $215-$216 resistance zone.
An initial support is near the $214 level.
The 23.6% Fib retracement level of the recent rise from the $206 low to $216 high is also near the $214 level.
The first major support is seen near the $212 level, where the bulls might take a stand.
More importantly, there is a key bullish trend line forming with support near $210 on the hourly chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the recent rise from the $206 low to $216 high.
If Ethereum starts a downside correction, it is likely to find bids near the $212 and $210 levels.
Any further losses may perhaps lead the price towards the main $205 support zone (the recent breakdown zone).
If the bulls fail to keep the price above the $205 zone, there are chances of a renewed downtrend towards $192.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.