- Bitcoin price rally to over $23k
- Eth2 locking over $1 billion of ETH
- Analysts predict ETH/USD to rally to $10k
Trending News: Bitcoin Rally, Eth2 Success, and ETH/USD Price Prediction
The crypto community is stoked after the Bitcoin price ripped to new 2020 highs, posting new ATHs.
It has been an exciting two days. Timely days, if details count. Around this time in 2017, the Bitcoin price surged to $20k. It was unexpected, surreal, and was entirely pumped by retailers.
Bitcoin Surge to over $23k
Fast forward, three years later, the Bitcoin price has not only managed to blast above $20k after reversing from lows of $3.2k posted in December 2018 but had added $3k more on top.
Unlike the 2017 euphoric rise, analysts say the current rally is backed by billionaires and public companies. In the last few days, following MassMutual investing $100 million from their general account, other firms have followed suit.
The latest is One River Digital which now controls $600 million worth of BTC and ETH. Its CEO said their decision was advised by increasing institutional interest.
Different analysts, including Anthony Pompliano and those in Citibank, expect BTC to rise to over $100k by Dec 2021. The latest projection from Guggenheim Partners’ CIO, Scott Minerd, is at $400k, citing the needless money printing by the FED as catalysts for bulls. They have invested 10 percent of their $5.3 billion Macro Opportunities Fund in Grayscale’s GBTC trusts.
$1 Billion ETH Locked in Eth2 Beacon Chain Mainnet
As of Dec 17, there is over $1 billion worth of ETH coins at the official Eth2 deposit contract.
The Beacon Chain mainnet is live, officially launching the first phase of Eth2 resolving high Gas fees and scalability challenges.
Combined with the projected success of Eth2 and resolution of the high transaction fees, analysts now predict ETH/USD prices to rally to over $1k and reach $10k in a few years.
As of writing (Dec 17), the Ethereum price is trading at a new 2020 high and may breach $700.
With “Ethereum only” investors and more the CME launching Ethereum Futures in February 2021, it appears as if ETH/USD is ready for more gains.
Bitcoin Price Prediction
The BTC/USD price is in green, posting double-digit gains in the last 24 hours and week-to-date.
Changing hands at over $23.5k, at the time of writing on Dec 17, the coin is trading at a new all-time high, adding more than $3k from 2017 peaks.
From the daily chart, the BTC price is trading within a bullish breakout pattern. Notably, following the breakout of Dec 16, today’s confirmation cements buyers.
The underlying momentum is strong; the last two bullish candlesticks are banding along the upper BB, suggesting participation.
At this rate, the zone between $20k and spot rates—assuming there will be a retracement, is a loading opportunity for bulls aiming for $25.5k. It is the 161.8 percent Fibonacci extension level of the September to December trade range.
Chart Courtesy of Trading View
Disclosure: Opinions expressed are those of the author. Do your research.