Bitcoin trajectory points to $120,000 as Ethereum 2.0 catalyst draws nigh
- Bitcoin halving excitement dies as crypto enthusiasts begin glancing towards Ethereum 2.0 launch.
- Bitcoin halving impact is a gradual long bull run that could send price to $120,000 according to eToro’s Simon Peters.
- Ethereum and Ripple react in tandem with Bitcoin’s recovery towards $10,000; more action anticipated on Tuesday.
Forecast: Bitcoin after halving
Bitcoin recently went through its third halving since its inception. The halving process flew by without major price pumps, defying rally expectations. On the contrary, the price dipped to $8,100 just before halving and remained stable above $8,500 during the halving. Following the halving, BTC has accrued considerable gains towards $10,000. However, increased selling activities have made it impossible for the buyers to pull above $10,000. At the time of writing, BTC/USD has adjusted lower to trade at $9,800.
Bitcoin still has potential to grow highs past those seen in 2019 ($13,800). The daily chart shows a golden cross pattern likely to send Bitcoin in a trajectory to the north.
BTC/USD daily chart
Analysts in the market anticipated Bitcoin rally immediately after halving. However, the impact of halving in my opinion, is a gradual one which in this case would set Bitcoin on the path to new all-time highs. According to eToro’s analyst Simon Peters:
Halving precipitates a long bull run in Bitcoin, one which may see highs of $100,000 – $120,000 within 18 months. Of course there is always the possibility that it may drop, but this would be likely due to another black swan event such as a worsening of the Covid-19 pandemic, at which point other investable assets would be impacted as well.
After halving is Ethereum 2.0 the next big crypto event
As halving excitement dies, crypto enthusiasts have started gazing over the next big crypto event; and it happens to be Ethereum 2.0. The incoming network upgrade is massive not only for Ethereum but also for the entire crypto industry. With a high transaction capacity, improved smart contract capabilities, and staking, ETH 2.0 is set to be a game-changer. The price of Ethereum is expected to improve greatly as the launch nears. Positive sentiments for Ethereum have already been exhibited with a surge in ETH long positions on BitMEX.
Ethereum market update
Ethereum bulls are working tooth and nail to correct the negative price movement on Tuesday. Recovery from the intraday low of $209.22 has stepped above $214. The main aim for bulls is to clear the resistance at $216 and advance towards $220. However, this price action will not come easily owing to the fact that the trend has a bearish bias and the volatility is low.
Ripple market update
Ripple is moving hand in hand with Ethereum. After trading an intraday low of $0.2008, XRP/USD has reversed momentum upward to trade at $0.2050. Further up, the key hurdle at $0.21 continues to give the bulls sleepless nights. It is apparent a break above this seller zone could open the way for gains towards $0.25.
source: fxstreet.com
