During 2020, Bitcoin (BTC) went from $10,000 to $3,800 after which above $15,500. Despite the COVID-19 disaster, this was a good year for Bitcoin. Now that we’re getting to the end of the year, analysts proceed to share their views of the market. Josh Rager, for instance, believes that Bitcoin may very well be headed to $17,000.
Could Bitcoin Reach $17,000?
According to the cryptocurrency analyst and the co-founder of Blockroots, Josh Rager, there may very well be a massive breakout for Bitcoin within the close to future. In a recent tweet, he shared a chart of Bitcoin and said that if Bitcoin closes above $16,200, it may proceed transferring higher to $17,000 and create momentum.
On Twitter, Mr. Rager wrote:
“Big breakout for higher-highs on both low time frames and the daily chart. Bitcoin is getting close to some weekly levels near $16,200 which could get rejected. Close above here on the daily and price likely heads to $17k+ with momentum.”
While most of the analysts take into account that the digital foreign money may attain all-time highs in 2021, some others imagine that that is nonetheless potential this year. At the moment, Bitcoin tried a number of instances to move above $16,000 but it was not ready. In order to accomplish that, Bitcoin will have to collect power and move higher.
Regarding Ethereum (ETH), the second-largest digital foreign money on the earth, ETH targets are at the moment above $482 for $500. He has also said that the last time that ETH was above $500 it was back in July 2018. This was after the bull market skilled not solely by Ethereum but also by Bitcoin and the whole crypto market. In 2018, digital currencies entered a bear market.
Just below daily high – looking for a break and close above $482 for $500+ targets
ETH hasn't been above $500 since July 2018 pic.twitter.com/Af8DQTptmw
— Josh Rager 📈 (@Josh_Rager) November 11, 2020
Other altcoins may also start catching up with Bitcoin. In recent months, Bitcoin moved higher but different digital currencies weren’t ready to follow this development. Measured in phrases of BTC, altcoins may proceed rising sooner or later and start catching up with Bitcoin.
Two digital currencies that might start transferring higher embrace XRP and Litecoin (LTC). These two old players are close to their minimums in opposition to BTC. If a new bull market begins for altcoins, it could be potential for these two digital belongings to be amongst these main the restoration. Despite that, there are some elementary points which might be trying bearish for XRP that ought to be considered.