DataDash founder Nicholas Merten states that Bitcoin will rise to $30,000 by the end of 2021.
According to other analysts, the current fundamental data points to a further price increase in the coming days.
After the recent correction to $11,200, Bitcoin’s price has been able to attract new investors and rise following the announcement of investigations by security authorities at the OKEx exchange. Within the last 24 hours, Bitcoin has risen 3.01% to a price of $11,797. The market capitalization has increased from $213 billion to $218 billion.
DataDash founder Nicholas Merten states in a new tweet that BTC is in the middle of a longer bullish cycle. According to his analysis, the short-term price correction that has lasted from mid-August until now is over:
I really think we’ve set in the relative bottom here, the higher low here, as we’ve been holding on this line of support and as we’ve clearly broken away from the line of resistance.
As Bitcoin has now reached a decisive low point, a slow but steady upward trend will follow, at the end of which Bitcoin will reach the $30,000 mark next year. He goes on to explain that Bitcoin will initially reach the $14,000 mark and will be rejected at the first attempt. Nevertheless, Bitcoin will quickly overcome the 2019 highs and then establish a new support between the $14,000 and $15,000 mark:
Make $14,000 to $15,000 our new support. Come up here towards around $20,000. Get rejected. Come down to $17,000 and then we’re going to slowly break above to $23,000, $22,000 and then start to make $20,000 support. Then after that, the sky’s the limit. The cycle has started.
Wall Street veteran Tone Vays also thinks that Bitcoin will break through the $12,000 barrier in the coming days and a bullish trend will follow. According to his analysis, Bitcoin must close above the $12,000 mark on the weekly chart to mark a historic mileston
If you get a new weekly high close right around $12,000, this is a very bullish sign. That means we have the highest close in three years… That would be the highest close since January 8, 2018…
He outlines that Bitcoin has just broken through the local resistance along the $11,550 mark and therefore another price increase could follow. Prominent Bitcoin trader and Blockroot founder Josh Rager is also bullish about Bitcoin. In his opinion, Bitcoin was able to close above the $11,300 mark and must now close above the $11,900 mark on the weekly chart. If this is successful, it will mark a new local weekly high since January 2018 and is therefore strongly bullish.
Other traders such as “yTedd” and “il Capo of Crypto” also state that the current price developments are bullish and that a further price increase will follow.
Altcoins Ethereum and XRP also show strong fundamentals
Most of the Altcoin market is also moving sideways, but according to Michaël van de Poppe, Ethereum and XRP show a chart pattern that also indicates a strong price increase:
We have to hold here (around $370). Get a compression going. If we get that compression going and test the highs again around the resistance area of $390, I think we can make a break out towards $440 at a relatively fast pace. That’s because also given the fact that we’ve got this frequent tests over here (around $390). That one more test will most likely cause the price to break through and make a rally towards $440.
According to van de Poppe, XRP is also on the verge of breaking through the important resistance level of $0.23 and thus ending the week-long sideways trend. The following chart shows that XRP can continue to rise to 0.26 USD and even higher.
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