Over the past few weeks, important events have impacted Bitcoin, including those related to Mt. Gox. Despite the challenges, the Bitcoin chart is now approaching a potential breakthrough at the $70,000 mark. Analyst Tim Warren, Host of Investing Broz, predicts a possible rally to $82,000 and then towards $100,000. Key resistance is around $66,500, but if bullish momentum continues, this could become a strong support level.
On The Paul Barron Network, he said, “My chart shows a descending channel with a price prediction of $82,000. This pattern indicates that breaking this resistance with higher volume is extremely bullish. If we break above $70,200, we could see a significant move towards $95,000.”
The analyst added that the rest of the year is going to be even more exciting with the launch of the Ethereum ETF next week. He raised the question of whether investors will start taking profits from Bitcoin and reallocating into Ethereum, as it seems poised for a significant run.
Ethereum has recently broken out of a megaphone pattern. The first target is the previous high of around $4,100. In a broader perspective, Ethereum has been in a sideways channel since March, with a breakout prediction towards $5,600 or higher once the ETF starts trading.
He explained that if Bitcoin rallies to $82,000-$90,000, Ethereum could reach around $5,600. Additionally, a 10% correction in the stock market could lead to a shift of profits into cryptocurrencies, including Bitcoin and Ethereum.
The analyst added that the upcoming ETF could draw in traditional investors, especially with low trading fees from major financial institutions like Franklin Templeton, Fidelity, and BlackRock. Despite expected volatility, he believes Ethereum will trend upwards, hitting new highs possibly before the U.S. election season.
For year-end predictions, he suggested Ethereum could realistically reach between $8,000 and $10,000 by January 2025, with a long-term target of $18,000 to $20,000 by the end of the bull market.
Also Check Out: Top 10 Reasons Why Crypto Bull Run Is On Horizon
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