Bitcoin and Ethereum Year-End Projections: Attainable $100,000 and $10,000 Goals Amid ETF Anticipation
Bitcoin has experienced significant developments in recent weeks, with notable events impacting its trajectory, including factors related to Mt. Gox. Despite facing obstacles, the Bitcoin chart is now on the verge of a potential breakthrough as it nears the $70,000 threshold. Analyst Tim Warren, who hosts Investing Broz, envisions a potential surge to $82,000, with further upward momentum possibly propelling it towards $100,000. A critical resistance level lies at $66,500, but sustained bullish trends could transform it into a robust support level.
On The Paul Barron Network, insights were shared indicating a descending channel pattern on the chart, suggesting a price target of $82,000. Breaking through this resistance with increased trading volume is seen as highly bullish. Should Bitcoin surpass the $70,200 mark, a substantial upward movement towards $95,000 could materialize. The analyst also anticipates heightened excitement for the remainder of the year, particularly with the imminent launch of the Ethereum ETF in the upcoming week. A pertinent question raised is whether investors will begin capitalizing on Bitcoin profits to reallocate funds into Ethereum, which appears poised for a significant uptrend.
Ethereum, on the other hand, has recently broken out of a megaphone pattern, setting its initial target at the previous peak of approximately $4,100. From a broader perspective, Ethereum has been trading within a sideways range since March, with a breakout projection pointing towards $5,600 or beyond once the ETF commences trading. In the event that Bitcoin surges to the $82,000-$90,000 range, Ethereum could potentially climb to around $5,600. Moreover, a 10% downturn in the stock market might prompt a shift of profits into cryptocurrencies, including both Bitcoin and Ethereum.
The upcoming ETF launch is anticipated to attract traditional investors, particularly with the lure of low trading fees from major financial institutions like Franklin Templeton, Fidelity, and BlackRock. Despite anticipated fluctuations, the analyst remains optimistic about Ethereum’s upward trajectory, foreseeing the possibility of reaching new peaks potentially before the U.S. election season. Looking ahead to year-end projections, Ethereum could feasibly target a range between $8,000 and $10,000 by January 2025, with a more ambitious long-term goal of $18,000 to $20,000 by the conclusion of the current bullish market cycle.
