The last few weeks have been great for Ethereum. After a slow start during the February correction, ETH/USD has been trading between $7,500 and $8,000 for a majority of the month. Although the cryptocurrency is down ~$100 from 2015’s high, the market seems to have a bullish bias going into the summer months.
Forget the long-term gains and losses, here’s what traders should be looking at: the cryptocurrency market is nearing a major inflection point. The current bull market appears to be in its final stages, and the billion-dollar gains that we’ve seen over the past year or so should be about to end.
As the digital asset industry watch, bitcoin continues to run. The coin has been steadily climbing in value since September, and many analysts and traders are now predicting the bitcoin prices to go higher.
The price of Bitcoin has reached new H2 2021 territory, setting the tone for cryptocurrencies.
BTC bulls are unquestionably in control after a robust surge higher on September 5, offering even greater chances for swing and day traders.
The rise on September 5 is particularly notable, with strong trading volumes pushing prices above August 2021 highs, a medium-term trend-determining move.
The State of the Bitcoin Market and Its Price
Because Bitcoin bulls are likely to surge to new H2 2021 highs, reversing the brief losses of late August 2021, any dip may provide opportunities for bullish BTC traders.
BTC/USD is clearly inside a bullish breakout pattern on the daily chart. The nitro is the volume component, and it has the potential to push the coin quicker and harder into the desired $60k-$64k zone.
As far as interpreting fundamental developments across the board, this is exactly what traders are looking forward to and excited about.
Regardless of market depth, Bitcoin is up seven percent for the week and four percent for the previous trading day.
Bulls would likely continue digging in in the days ahead, rejecting lower lows from now on, with the uptrend obvious and the trend established.
Swing and day traders, in particular, are betting on the middle BB—the 20-day moving average—to hold strong and reject lower lows.
Instead, given that BTC/USD prices are moving within a rising channel, the flexible support line may be the catalyst, re-energizing bulls aiming for $60k in the longer run.
$100k by Christmas with no sign of tops?
This is, at least, PlanB’s stance. The Bitcoin permabull predicts that the coin’s value will double in three months based on his S2F model.
Bitcoin is now trading at $50,400.
S2F’s initial estimate of $100K by Christmas remains unchanged (or, to be more exact, a $100K average for the halving period 2020-2024).
There is no indication of a peak yet in the on-chain (non-S2F) indicator (no red dots). This corresponds to the S2F prediction image. twitter.com/1lGguuhyST
— September 5, 2021, PlanB (@100trillionUSD)
This isn’t the first time the on-chain expert has stuck to his guns when it comes to Bitcoin.
The trader maintained his optimism even at $10k, believing that halving would simply accelerate the rise.
So far, the Bitcoin price has more than quadrupled its spot rates, soaring over $20k—2017 highs—and heading for $64k.
According to PlanB, this is just the beginning. According to the S2F model, there are no indications of a peak “yet,” a bullish signal that may enable aggressive traders pile up on declines solidify their bullish beliefs even more.
Another Bloomberg Analyst has the same opinion. Fundamentally, he sees Bitcoin as a worldwide reserve currency—a replacement for the US dollar—on the verge of reaching $100,000.
BREAKING: A Bloomberg top analyst has declared #Bitcoin to be a global reserve asset on its way to $100,000.
September 5, 2021 — Market Meditations (@MrktMeditations)
Bitcoin has developed into a money-of-value (MOV) and a store of value over time, with fundamental triggers attracting more traders.
Meanwhile, another trader believes BTC/USD prices are increasing vertically, which is why the currency is approaching $100,000.
“Vertical accumulation leads to growth” #Bitcoin is on the verge of reaching 100,000 followers pic.twitter.com/3sj9FiJD59
September 5, 2021 — Trader XM (@TraderXM1)
The higher highs and BTC prices moving within a rising channel in the past several weeks represent vertical accumulation.
According to the trader’s forecast, these higher highs will serve as the catalyst for a moonshot to all-time highs, uncharted territory over $64,000.
Bitcoin’s price will skyrocket.
According to the trader, BTC is definitely in an upswing and may reach above $100k, causing the price to soar parabolic.
It’s worth noting that the BTC funding rate has become positive, indicating that most traders are long and leveraged.
At the same time, the trader adds that BTC is currently breaking out and may be in the third impulsive wave, which may take the currency to new highs above $100,000.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.
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