Bitcoin Spikes to $60,000 as Ether Nears $2,000
Bitcoin (BTC) spiked to $60,000 earlier today, following a slow rebound in the last few days. Data published by CoinGecko.com indicates underlying bullishness in the BTC/USD pair, with the latest high being $60,110 as per Bitstamp.
A price correction pushed the price to $59,000, hovering around $59,227 at the time of preparing this article. The continuous higher levels imply that Bitcoin has concretely mitigated the flash crash that happened a few days before, while moving within the same channel.
In case of popular crypto trader Crypto Ed, the price forecast was $60,000 as resistance fades way on the basis of slowing selling pressure on cryptocurrency exchanges. The wait for $70,000 will be a bit longer, as per the analyst.
On Friday, he wrote:
“I mentioned BTC target $73k and ETH $2300.”
In my YT video on 30-04 I mentioned #BTC target $73k and $ETH $2300
From what I see now, ETH is on track. BTC not convinced yet it will reach that target in this cycle but I do think we’ll see a strong push above 60k (soonish) pic.twitter.com/OTXWQUpNPC
— Crypto_Ed_NL (@Crypto_Ed_NL) April 2, 2021
Others are more optimistic, with short-term estimates including $68,000 and $73,000 and 2021 targets exceeding $288,000.
Another crypto enthusiast and analyst who uses Twitter handle Rekt Capital wrote as follows:
“The ~$57,500 area rejected BTC in February. But it looks like BTC turned this exact same level into support a couple of days ago.”
The ~$57,500 area rejected #BTC in February
But it looks like $BTC turned this exact same level into support a couple of days ago
Now it’s about follow-through from here
— Rekt Capital (@rektcapital) April 2, 2021
Crypto Ed has analyzed Ether (ETH) as the number one altcoin by market capitalization hit $2,000 level for the foremost time since February 20. After declining in parallel with Bitcoin, ETH/USD rebounded last week, recording nearly consistent higher highs on daily timeframes and attained a near record high of about $2,040.
Ether’s price targets are currently upwardly revised by several analysts with many of them pointing to $2,600 as the next stopping point. Further targets include $5,000 and even $10,000. Notably, the quantum of Ether possessed by exchanges has been declining, similar to Bitcoin.