After PayPal’s takeover of the cryptocurrency, JPMorgan’s Global Markets Strategy released a report describing how Bitcoin (BTC) could deliver a “significant” rally if it competes intensely with gold as an “alternative” currency. ”

According to analysts, there are three reasons for their optimistic long-term outlook on Bitcoin: the large valuation gap between Bitcoin and gold, the growing use of cryptocurrencies, and the millennia where Bitcoin is preferred over gold in the long term.

This report shows that organizations are slowly realizing the enormous potential of cryptocurrencies and are ready to tackle their past problems.

Mike Novogratz, CEO of Galaxy Digital, said PayPal’s cryptocurrency solution could force other major banks to consider ways to interact with digital assets. “We will see the recovery of the economic infrastructure of this country over the next ten years,” Novogratz said in an interview with CNBC.

Likewise, in a recent interview with Peter McCormack, cryptocurrency founders Gemini Tyler and Cameron Winklevoss reiterated their optimistic stance on Bitcoin, stating that they expect Bitcoin to eventually reach $ 500,000.

The twins believe that if the major corporations and central banks of the Fortune 100 or 500 start buying bitcoins for their own reserves, the bitcoin price may rise.

For now, investors are wondering whether Bitcoin can build on the current bullish momentum and continue its journey north.

Let’s examine the five cryptocurrency cards to see if bitcoin and altcoins will rise.

Bitcoin / USD
Bitcoin (BTC) is trending bullish and in recent days the price has remained above the $ 12,460 breakout level. The 20-day bullish exponential moving average ($ 11,938) and the RSI indicator are in the overbought zone indicating bulls are in control.

The bulls pushed the price above $ 13,214 today, but were unable to hold onto the higher levels. This indicates that the bears have not yet given up and that they are defending the $ 13200 level.

However, as the trend rises, the bulls are likely to buy on the dip to the $ 12,460 breakout level. Even if this support is broken, the bulls can enter again and buy at the 20 day moving average.

If the BTC / USD returns from both levels, the bulls will once again attempt to push the price and hold above $ 13,214. If successful, there could be a $ 14,000 meeting on the cards.

This positive outlook will be reversed if the bears cut prices within the 20 day moving average. This move indicates that the current outbreak was a bear trap.

Bears frustrated bulls’ attempts to broaden the trend today as they prevented the bulls from keeping the price above $ 13,214. Sellers reduced the price to

Immediate support at 20-EMA on 4 hour chart.

The bulls are currently trying to hold the price above the 20-EMA, but the bearish rejection of the RSI indicates that the momentum might weaken.

A break below the 20 day moving average could see the price review $ 12,460, while a strong rebound from current levels could lead to a resumption of the trend.

ETH / USD
Ether (ETH) on October 22 broke the range from $ 308-396, indicating that the bulls have outdid the bears. Although the bears stopped the rally of $ 420, they were unable to bring the price back below $ 396.

This indicates that the bulls are buying when they are down to $ 400. The high of the 20 day moving average ($ 383) and the RSI above 59 indicate that the bulls have an edge.

If the bulls manage to push the price above $ 421, the Ethereum / USD pair could start rallying that could challenge the September 1 high of $ 488,134.

This bullish outlook becomes invalid if the bears push the pair below $ 396 and the 20 day moving average to $ 383. This move may keep the pair in the range for several more days.

The pair formed a flag pattern after the break above $ 400. The long tail in the recent test of a breakout level indicates that the bulls are piling up at lower levels. A breach of the flag will indicate the possible start of a new bullish trend.

Contrary to this assumption, if the bears push the price below the flag, it will likely drop to the $ 396-400 region. If the pair retreats from this support, the bears will attempt to resume the trend. Conversely, the trend will be in favor of the bears if the support at $ 388 is broken.

Source: CoinTelegraph

LEAVE A REPLY