What a week! The crypto market just saw a huge surge, driving the price of Bitcoin to $59,802, up over 9% for the week. This seems to be a reflection of the SEC’s decision to approve crypto ETFs on the NASDAQ, leaving many crypto traders wondering what’s next for the market. Will this growth continue, or will cryptocurrency fall back into bearish territory? Here are my personal price predictions of Bitcoin, Ethereum, and Cardano for the last quarter of 2021.
Bitcoin ($BTC) – $59,802
As BTC begins to travel into the corner of this triangle (black lines are support/resistance), we are either going to see it get rejected/tested by the level of resistance (black horizontal line) or we will see it smash through.
If it does not break through I could see BTC fall a little bit and dip down to the lower rectangle before it attempts to break the resistance level again. BUT if it breaks through and holds, we could very well see some ATH tests and see a surge to the upper rectangle, screenshot of the simple technical analysis will be provided below.
We have had very bullish news lately
If this continues then we will most likely see higher highs and higher lows, but if the news relaxes a bit then we could see some profit taking and a little dip in price (swing trade opportunity?). That being said, if there are ETFs being created for BTC, we could see some institutional money flow into Bitcoin, and the crypto market as a whole. This is a lot to consider: BTC is up trending, nearing all-time highs, news is bullish, & potential institutional investors.
So what are my thoughts, you may be wondering? Well, I am bullish by nature, and barring anything drastic happening, I can see $75,000+ for an end-of-year prediction for Bitcoin. The short term is much more unclear for me, while I am bullish and my algorithm indicator is saying “buy,” I am also worried about people taking profits. I believe the short term will be fueled by the news but the second we see some major profit-taking take place then I believe we will see a larger than normal dip. The short term will consist of me hawking the charts and trading accordingly.
Ethereum ($ETH) – $3,778
As ETH continues to get wedged and the bullish sentiment of the market continues to surge, we can expect to see price somewhere in the upper rectangle, BUT if the top layer of resistance (top black horizontal line) rejects Ethereum then we could see some sideways trading (in between the top and middle horizontal lines) and maybe even a dip to the lower rectangle.
A lot of Ethereum’s near-term movement (a lot of the crypto market in general actually) will be characterized by the news surrounding Bitcoin, which is why I am bullish in the near-term (algorithm indicator is also giving me a “buy” alert”). For my end of year target, I think we will be trading around $4,800, although I do think this is a conservative bullish estimate. Now assuming nothing astronomically bad happens to the crypto market, I think these final few months will be kind to crypto and its investors.
Cardano ($ADA) – $2.14
As ADA is wedged down, I would not be surprised to see a sell off and see the price trading between $1.90 and $2.05. However, we could very well see a surge in price to about $2.30 if recent crypto trends continue.
I am not a huge fan of Cardano, in fact I am bearish in the long-term for it, but that does not mean that we can’t make money off of it. My end of year ADA estimate is $2.65. For the near term, I am not SUPER bullish on ADA but I do think that the overall crypto market will be bullish and that could influence the price in a bullish way. That being said, my algorithm indicator has given me a “sell” signal. In short, the near term is choppy for me, in regards to Cardano.
Crypto Price Predictions: What To Take Away
I think that Bitcoin and Ethereum will move first in the market, then the altcoin market will follow, per usual. Always remember to do your own research and remember that this is only my opinion. If you have any questions, do not hesitate to contact me through the official Pennybois Discord Server.