Christopher Wood, Global Head of Equity Strategy at Jefferies, donated five percent of physical gold to buy Bitcoin (BTC). This move shows that an increasing number of institutional investors are viewing Bitcoin as equal to or better than gold.

Wood also said that if Bitcoin had a big correction, it would buy more. The fact that institutional investors are happy to buy in the $ 16,000 to $ 20,000 range indicates that institutional investors are not worried about withdrawals as they see this as an opportunity for long-term savings.

One River Digital Asset Management recently unveiled a $ 600 million Bitcoin and Ether bet. CEO Eric Peters said the hedge fund plans to buy more bitcoin and ether in the first half of next year to bring its total assets to $ 1 billion.

This is another indicator that institutional demand for cryptoassets is likely to be high until 2021.

Nigel Green, founder and CEO of deVere Group, predicts Bitcoin’s bullish growth will continue into 2021 as digital asset growth will be supported by the influx of “some of the largest organizations in the world.” Greene expects the bitcoin price to rise by at least 50% or possibly double next year.

However, not everyone is convinced of Bitcoin’s capabilities. Billionaire Mark Cuban said that bitcoin is not insurance against “doomsday scenarios” and probably won’t replace fiat currency anytime soon.

Will he be able to fix Bitcoin in the short term and brag to opponents, or will it continue to grow? To find out, let’s break down the top 10 cryptocurrency cards.

Bitcoin / US dollar
Bitcoin (BTC) gained momentum after breaking the $ 20,000 psychological barrier on December 16. The upward movement continued on December 17, and the price reached a new all-time high of $ 23,795.29.

The BTC / USD pair has formed a candlestick pattern today, which usually serves as a continuation pattern. This pattern indicates that the bulls have taken a breather after aggressive buying in the past two days.

On the other hand, the price is close to recent highs, which indicates that the bulls did not close their positions quickly even after the sharp rally of the last two days. This indicates that traders are expecting a rise to $ 25,000 and then to $ 26,000.

Although difficult to find in a high-speed market, the pair can face a strong headwind of $ 26,000.

On the other hand, the critical level is $ 20,000. If the bulls turn this level towards support, the next step in the trend can be resumed. However, if the price falls below the $ 20,000 support level and fails to track the pair, it could see a deeper correction.

On December 16, the ether broke through the resistance of $ 622,807, completing the ascending triangle pattern. This bullish setup has a target of $ 763.614.

However, once the pattern breaks, price will usually test the breakout level. Even so, the price corrected to $ 622,807.

If the bulls manage to overcome the support at $ 622,807, it would mean that traders are buying at that level. This increases the chances of a continuation of the bullish trend. Bullish moving averages and a Relative Strength Index (RSI) above 64 indicate that the bulls have an edge.

This positive outlook becomes invalid if the price falls and remains below $ 622,807. Such a move could indicate that the recent outbreak was a bullish trap. This combination will strengthen even more if the price drops below the trendline in the triangle.

XRP / US dollar
On Dec 16, XRP broke the downtrend line and 20-day exponential moving average ($ 0.54), indicating that the correction could end. On December 17, the bulls tried to maintain momentum, but met strong resistance above $ 0.65.

Today’s doji inside the candle indicates swings between bulls and bears. If the price falls below the 20-day moving average, the XRP / USD pair could drop to $ 0.50 and then back to $ 0.435420.

If this happens, it will mean that this pair may be in the area for several days. A break of $ 0.6794 would invalidate this view.

The 20-day fixed exponential moving average and RSI swings between 43 and 57 also indicate potential for short-term consolidation.

Litecoin (LTC) price rallied above the symmetrical triangle on December 16, followed by another strong move on December 17. This move pushed the price above the $ 93.9282 resistance level and the $ 100 psychological level.


Source: CoinTelegraph