- Bitcoin hit a new all-time high of $34,800 yesterday, up more than $5,000 in just 3 days.
- Ethereum is up more than 40% in the last 24 hours – to a price of $1,100.
Bitcoin has continued its brilliant price increase from December and reached a new all-time high of $34,800 yesterday. At the time of writing, the price is showing high volatility and is down 2.85% to a price of $32,108. The market capitalization stands at $618 billion.
Experts are generally bullish on Bitcoin, but also warn that the market is currently showing extreme volatility. It is not uncommon now for Bitcoin to fluctuate in price by more than $2,000 a day. Byzantine General also predicts that the rally is not over yet, as Tether continues to have the power to drive the Bitcoin price.
It's crazy that even after this monster rally, tether STILL has more buying power than during the 2019 top.
— Byzantine General (@ByzGeneral) January 3, 2021
“Jonny Moe” elaborates on Twitter that BTC has begun a sideways movement that could end in a multi-day correction. Nevertheless, he points out that any technical chart analysis is not reliable at this time, as this bull run for Bitcoin changes everything and can result in unpredictable price movements.
$BTC double top neckline retest complete.
15m patterns lead to 15m results, so I'd say normally this is all you should expect from any shorts off this pattern, but things are so insane right now I won't be shocked if it leads to a bigger flush. pic.twitter.com/kow7jKvT6v
— Jonny Moe (@JonnyMoeTrades) January 3, 2021
According to trader “yTedd”, Bitcoin has shown a strong retracement in the last hours, however, in his opinion, the uptrend is fully intact, so Bitcoin could continue to rise after a short recovery period.
— yTedd (@TeddyCleps) January 4, 2021
Ethereum on the way to new all-time high
Blockroots founder and Bitcoin trader Josh Rager predicts that Ethereum could reach a new all-time high this week, breaking the $1,450 mark. Ethereum price has doubled last 2 weeks and could continue this trend in the coming days. Within the last 24 hours, ETH has risen by 31%, to $1,063 (at the time of writing).
$ETH is on a mission to hit all-time highs this week
Pretty amazing that Ethereum has doubled in price over the past two weeks pic.twitter.com/NCXl9vevAs
— Josh Rager 📈 (@Josh_Rager) January 4, 2021
According to “HornHairs”, Ethereum is showing similarly strong fundamentals as in 2017, when Ethereum reached its former all-time high. In his opinion, a price rise to a new all-time high of $4,000 could follow before a significant correction. However, he points out that ETH must first climb to a new all-time high step by step in order to actually reach the forecast target.
Fib extension season is here and if BTC 2017 cycle continues to be a roadmap for the current ETH cycle things could keep chugging post ATH all the way to $4k before a significant pullback.
One step at a time though… ATH first… pic.twitter.com/RIg5X9k8ew
— HornHairs 🌊 (@CryptoHornHairs) January 4, 2021
“il Capo of Crypto” also predicts that the current price increase could be just the beginning of a new bull run that will take Ethereum to a new all-time high. As we reported earlier, “il Capo” also believes that this year more institutional investors could be the catalyst for a further rising ETH price.
— il Capo Of Crypto (@CryptoCapo_) January 3, 2021
“CRYPTO₿IRB” is also bullish on ETH, predicting that Ether could rise to $2,000 by March or April. He also views the fundamentals as strongly bullish. However, Ethereum may need a few run-ups before then to break through the all-time high of $1,450.
We'll see $ETH 2000$ March-April or sooner IMO
— CRYPTO₿IRB (@crypto_birb) January 4, 2021