Bitcoin could have an upward cycle as in 2017

Bitcoin could have a new record in its price, experts say. On the other hand, Ethereum has had a significant growth.

Bitcoin, the most widely used crypt currency, has shot up in recent weeks. Especially so far in November, and it has approached 16,000 dollars, the highest level since the beginning of 2018. In this sense, experts insist that Bitcoin could have a bullish cycle as in 2017. For its part, Ethereum has also experienced gains in recent days.

The crypto-currency, which hovered around $10,500 at the beginning of October, has risen by 50% in just over a month, boosted by the entry of institutional investors, and on Friday it reached $15,900. In just one week, since 2 November, the bitcoin has appreciated by 18%.

In addition to Bitcoin, Ethereum has also risen

The Ethereum has also increased in value, although to a lesser extent. There are currently two key reasons why analysts expect Ether to perform strongly in the short term.

First, Bitcoin’s market capital could move to ETH after the announcement of Ethereum 2.0. Secondly, ETH has recently tested a critical level of resistance, which increases the chances of a wider rally. Given that the altcoin market has historically recovered after an initial Bitcoin rally, the timing of an upward trend for ETH is ideal.

Added to this, it became known today that, Crypto Genius has been one of the most important contributors, so far. The inventor of Ethereum has shown his confidence in the project by making a deposit of 3200 ETH for over $1.4 million divided into 100 transactions of 32 ETH each.

Buterin still retains about $2.5 million in the address from which he sent the funds and $1 million in other assets based on Ethereum.

However, according to experts, these movements are due to the strong entry of institutional investors into Bitcoin after the news that PayPal will allow the incorporation of cryptomonies to its payment platform.

BTC as digital gold

Remember that Bitcoin fell below $5,000 in March, with the first wave of the coronavirus pandemic, but reached $11,000, more than double, at the end of July. By the end of 2017, this cryptomone currency was even close to $20,000.

Recently, the billionaire investor Mike Novogratz said at the Bitcoin auction that the cryptomoney will be like „digital gold“ and will not be used in the same way as the traditional currency for at least the next five years.

He was also more positive than ever about Bitcoin in an interview with Squawk Box. Novogratz explained that Bitcoin has officially entered a bull market. He also said that the central banks, which will continue to print money without limit, will give a new boost to Bitcoin. According to Novogratz, Bitcoin is increasingly seen as a cover for fiscal irresponsibility:

XRP Breaks Two Month Resistance, Trend Remains Uncertain

XRP broke through a two month resistance zone.

The price evolves within an ascending parallel channel.

The XRP / BTC price has created a double dip pattern

As of the start of September, XRP has been trading in a range of $ 0.23 to $ 0.26, with the exception of a slight deviation below the support area on September 19.

On November 13, the price finally closed a daily candle above that range at $ 0.265. It continued to rise until the morning of November 14, hitting $ 0.28, but has since fallen back to $ 0.272.

If XRP continues its rally, the next resistance can be found at $ 0.295.

The technical indicators for the day of November 14 are bullish, but do not yet confirm an uptrend.

Both the RSI and the Bitcoin System app are on the rise. Their slope is moderate and the Stochastic Oscillator has not yet generated a bullish cross.

Another daily rally above this resistance would likely mean that XRP will continue to move higher, possibly up to $ 0.29.

The shorter-term, 4-hour chart shows price moving in an ascending parallel channel since September 24th

Movements contained in a parallel channel are often corrective . This could mean that the current rise is a correction rather than the start of an uptrend.

A move above the channel will negate this scenario, and may push price higher towards the $ 0.29 resistance area.

Trader @ gordongekko369 pointed to a chart of the XRP / BTC pair, which shows price is trending down. He predicts, however, that this trend will reverse shortly, and that XRP / BTC will start to rise.

The XRP / BTC chart shows a rapid decline that began at the start of October, and during which the price has lost almost 30% of its value.

The decline was temporarily halted, and the XRP / BTC pair formed a double dip near the 1,565 satoshis. This is normally seen as a bullish reversal pattern. This figure is also combined with a bullish divergence in the RSI. It is therefore all the more plausible that the price reverses its movement.

Opinion: previous patterns indicate a parabolic rise of Bitcoin in 2021.

Bitcoin may experience „parabolic“ growth in 2021, similar to the price rises of the first crypt currency in 2013 and 2017. This view was expressed by Bloomberg Intelligence’s senior commodity strategist Mike McGlown.

According to him, this could happen Corona Millionaire if the patterns that were observed in the years he specified were repeated.

 

„New heights are the next potential iteration. It can only be a matter of time if something unexpected doesn’t happen that breaks the trend of wider acceptance [of bitcoin] and the ratio of demand to limited supply,“ the analyst wrote.

The halving in May is cited by many investors as one of the main factors that could push the price of the bitcoin to new highs. The result of the reduction of the Bitcoin award from 12.5 BTC to 6.25 BTC was, for example, that the annual inflation of the Bitcoin was below the corresponding indicator of gold, the most recognized by investors of the protective asset.

The first halving took place in 2012, and at the end of 2013 the price of bitcoin rose above $1,000 for the first time.

 

After the second halving in July 2016, bitcoin started to rise gradually and reached a historic high of around $20,000 in December 2017.

As a reminder, at the end of October the monthly candle on the Bitcoin chart closed above $13,000 for the first time since December 2017.