Tracing Bitcoin, Ethereum price trajectories into the foreseeable future – AMBCrypto News
USDD, USDN lose their $1 peg; another UST fiasco-like event on the cards? MATIC: Traders going short in hope of bearish marubozu should look at doji Assessing if LEO can continue defying the broader market sell-off Here’s how Tron’s [TRX] 18% intra-day crash affected market participants How Ethereum’s correlation to Bitcoin can affect its near-term price action How crypto market bloodbath triggered outflows over $100M over the past week Despite everything, Bitcoin’s [BTC] pricing model has something else to say ‘Risky’ Bitcoin may have a ‘wait and watch’ game going on for itself With U.S CPI data pushing markets off the ledge, here’s what investors need to know Bitcoin: Why this investment expert believes BTC could touch highs of $250k How Ethereum’s correlation to Bitcoin can affect its near-term price action How crypto market bloodbath triggered outflows over $100M over the past week Ethereum: Can the upcoming ‘Merge’ pull ETH back from the abyss Ethereum’s new 2-year low: Can it GO any lower? The answer is… Terra in May, Celsius in June? Why the heat is on after withdrawals halt, $200M to FTX Published on By The two dominating digital assets, Bitcoin and Ethereum have surged to remarkable marks since the time of inception. As per CoinMarketCap, both of these assets were trading in the green zone. The former stood above the $62k mark with a fresh 1.5% surge at press time. Whereas the latter rose above the $4.5k mark with a 1% increase in the past 24 hours. Having said that, what is worth considering is, just how much room do both BTC and ETH price-actions have left, to grow further. On-chain data source Ecoinometrics tweeted some insights to highlight the aforementioned scenario. As per the narrative, BTC/USD has the potential to eclipse estimates simply by following historical precedent. Consider this chart. Source: Ecoinometrics Firstly, shedding light on the BTC “historical precedent” aspect, on 11 May, 2020, the Bitcoin blockchain experienced its third block reward halving. Since then, Bitcoin traded 7.3 times its price action last year. A significant change between the two events, from $8,600 then to $62,970 respectively, at press time. However, price action will not stop until it is 30 times higher. As seen in the chart above, the current cycle, despite a few weak hands, remains closely tied to the previous two (cycles). For better context, aligning with the 2017 cycle, the next BTC price peak could be as much as $253,800, (i.e 29.5x). Since the 3rd halving: “BTC is up (to) 7.3x (topped at 29.5x last cycle)” Moving on to the largest altcoin. Ethereum witnessed a much larger comparative gain relative to Bitcoin. Following the similar viewpoint, as portrayed above, it could peak 120 times its halving price in 2018. “ETH is up (to) 24.8x (topped at 120x last cycle).” It would mean ETH/USD trading at $22,300. Having said that, some price correction is bound to happen. Ergo. following its tradition. Bitcoin would need to bottom out at around $42,000 whereas ETH would drop to $1,347. Nonetheless, even though such high figures seem difficult to achieve – crypto proponents remain positive, irrespective of the circumstances. For instance, one analyst tweeted, 200-300K #Bitcoin looks almost too programmed. pic.twitter.com/86vPX8eefr — TechDev (@TechDev_52) September 24, 2021
Moreover, well-known data analyst Willy Woo believes that this Bitcoin halving cycle would be unique in a specific way. What’s my prediction for the top of this cycle? Since I think this is the last cycle, the one that takes us to saturation, which if it wins, we can’t put a USD value on it because things get valued in BTC. Thus the cycle top is easy to pick. It will be 1 BTC = 1 BTC. — Willy Woo (@woonomic) November 3, 2021
Overall, BTC and ETH still have massive room left to grow and create further ATHs in the near future.
XRP, Polkadot, Decentraland Price Analysis: 5 November Are blockchain gaming, ‘meta-mania’ quietly pumping Bitcoin Shubham is a full-time journalist at AMBCrypto. A Master’s graduate in Accounting and Finance, Shubham’s writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH. Could Bitcoin be boring? On-chain analyst predicts this for BTC in 2022 Did this one factor change ‘balance of the whole ecosystem’ for Bitcoin Where will Bitcoin find itself after the all-time high, PlanB surmises Assessing the future of Bitcoin mining through the silicon lens After hitting record highs in transaction volumes, what’s next for Bitcoin Is ‘maturing’ Bitcoin’s current 4-year cycle even a cycle Your email address will not be published.Required fields are marked *
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