Crypto Weekly Wrap Up: Experts See Bitcoin To 19,600, Ethereum To 1,300 Soon
With the re-entry of bulls into the cryptocurrency markets on Thursday, the price of the largest cryptocurrency in the world by market capitalization, Bitcoin, may soon reach $19,600.
“After a two-day losing streak, the price of Bitcoin bounced back at a key support point on Thursday. It has hit a high of $19,280 as bulls rejected a breakout below the vital $18,900 support. As bulls have become active in the market , we may see Bitcoin touch $19,600 in the coming days,” said Edul Patel, CEO and co-founder of crypto investment platform Mudrex.
Ethereum, the second largest digital currency, could rise to $1,300.
“The second largest cryptocurrency, Ethereum, also traded sideways this week. It was seen trading near its local resistance level of $1,295 on Thursday. If bulls can hold the initiative won today, ETH could likely rise to the $1,300 level,” Patel added .
Bitcoin rose to $19,200 on Thursday after briefly falling below $19,000, according to data from coinmarketcap. On Friday, it traded at $19,011. Ethereum was trading at $1,283. Both tokens were down over 3 percent in the past seven days.
Inflation concerns and recession fears have kept investors on their toes. The cryptocurrency’s m-cap fell from $935 billion on October 14 to $911 billion on October 21. Following the release of UK inflation data showing inflation for September at 10.1 per cent, markets plunged deeply. On Thursday alone, m-cap fell from $926 billion to $915 billion, according to coinmarketcap.
“Asset risk including US stock indices and crypto markets remained volatile but have traded in a range and ended the week almost flat. The total crypto market capitalization remained below $1 trillion, with BTC and ETH trading around the $19,000 and $1,300 levels,” said Parth Chaturvedi, Head of Crypto Ecosystem at CoinSwitch.
During the week, the altcoin universe saw some new developments due to protocol tokens.
“MATIC was one of the biggest winners for the week, up nearly 8 percent, with marquee collaborations continuing, most recently with NuBank, and the zkEVM announcement. However, the main buzz in the markets was Aptos (APT) mainnet launch and subsequent token listing , even without the tokenomics being revealed,” Chaturvedi said.
With inflation still high and recession still very much in the picture, several experts have warned investors and asked them to be conservative in their investment strategy.
“I think it’s a time to be cautious, and if you’re running a risk-based business, it’s a time to think more carefully about your risk box, your risk appetite,” Goldman Sachs CEO David Solomon said CNBC on Tuesday.
