As it continues to rise, the pioneer cryptocurrency appears unstoppable. Even though Bitcoin confronts significant opposition ahead, an explosion to $52,000 seems to be likely. Bitcoin has pushed through $50,000 for the first time in almost a month, and it shows no signs of slowing down.
The top cryptocurrency is bucking the present negative trend in traditional financial markets, increasing the crypto market capitalization to nearly $2.2 trillion. On BTC’s 12-hour chart, the Tom DeMark (TD) Sequential indicator has previously flashed a sell signal. The negative formation predicted that the flagship cryptocurrency would see a brief dip before resuming its climb. Bitcoin, on the other hand, printed a green two candlestick today, refuting the bearish forecast.
With more buying pressure, Bitcoin might reach $52,000. This bullish target is defined by the y-axis of a falling wedge that emerged between August 19 and October 1. It is worth noticing that the TD’s setup trendline is located directly below the wedge’s goal of $51,200. This resistance level could be crucial in determining what occurs next in Bitcoin’s ascent.
For example, slashing through $51,200 may instill “fear of missing out” in investors, motivating them to purchase. The increase in buying pressure could be substantial enough to drive prices above the $52,000 goal set by the sinking wedge.
If this occurs, Bitcoin will require a decisive close over $54,500 to extend its upward trajectory toward $100,000.
Will the price of Ethereum continue surging?
Even though Ethereum had a poor September, its price is still up approximately 890 percent over the past year. In comparison, Bitcoin has “only” gained by about 358 percent within the same period.
Despite its recent volatility, Ethereum has a bright future. Non-fungible tokens (NFTs) and decentralized finance are two projects that use the Ethereum network. It also contains intelligent contracts, which let two parties carry out safe, legal transactions without the need for a lawyer to act as a middleman. However, bitcoin and blockchain technology are still in their infancy, and Ethereum has been undergoing some growing pains. A problem recently caused its blockchain to split in two, potentially exposing it to an assault. While developers rapidly rectified the issue, it underscores the reality that this technology is still in its early stages and far from perfect.
There has also been an increase in “Ethereum killer” cryptocurrencies that seek to exploit Ethereum’s flaws. Cardano and Solana feature many of the same benefits as Ethereum, but they also have faster transaction speeds and are less expensive.
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