Bitcoin expected to attain the next target set at $18,000 and with successful accomplishment, BTC may rally towards it’s all-time high.
Ethereum also anticipated surpassing $500 levels very soon, initiciating ‘Altcoin Season’ in short term and break $1000 in coming days.
Nearlry 40 % of the DeFi tokens swell with a two-digit spike in their price, hence second wave of DeFi boom is coming shortly.
Is the Bitcoin Bull Rally slowed down?
After the successful Bitcoin bull run that rallied the price from below $10K to above $15K levels, Bitcoin price seems to have relaxed a bit. As the asset reached the highest levels of $15,969, the selling pressure started to mount in the market.
In fact, Bitcoin is painted red with a dip of 1.01% in its price of $15,513 at the press time in the last 24-hours. Where as the majority of the assets have swell with huge margin.
However, the price still remain consistent without crashing in a deep well as it happen in 2017. Despite all the odds, still some analyst predict a major breakout to follow in the coming weekend.
With the Bitcoin bulls trying hard to push the BTC price to $17,000 and the bears wish BTC to revisit $14,000 levels, it would be very interesting to watch the next move.
‘Altcoin Season’ initiated, Why Am I saying this?
Altcoin Season is a phase where more than 50 percent of the altcoins rally with significant numbers. However, Bitcoin prices may or may not withness a dip during the phase. The second most preferred asset after Bitcoin, Ethereum has entered a bullish trend.
Ethereum price shot up straight above $450 levels to touch $465.37 from $383 in just a couple of days. Hence marking a growth of nearly 19.19% in the last seven days. At the press time, ETH price stands at $457.11 with a jump of 6.18% in the last 24 hours.
With the release of the ETH 2.0 deposit contract address, which is the first step towards lauch of phase 0 of ETH 2.0, the ETH price is expected to touch $500 in short-term. And in the long term, the price is expected to rally further to break $1000, outperforming Bitcoin.
DeFi Resonance in its Second phase
The entire DeFi space had touched the rock-bottom levels just a couple of days before. With the Bitcoin bull rally, it seems that the profits have been transferred to the altcoin and the DeFi space.
More than 40% of the DeFi tokens mark double-digit spike in their price in the last 24-hours. The highest gainer among the DeFi tokens is YFI price, which jumped a massive 58.85% attaining price of $14,397. A $2000 growth in just a single day, it’s pretty huge.
Therefore, in the coming weekend, DeFi space is expected to shine with glory with most of the tokens enjoying a bull ride.
My Honest Forecast
Bitcoin price could possibly break $17,000 levels before a slight dump which may pull back the price surrounding $12,500-$13,000. However, the bitcoin bull rally would continue further.
Considering the altcoins and DeFi space, Ethereum may rally over $500 in the next couple of days. Also, the other assets may follow Ethereum’s surge. The DeFi space may mark highs, however, they are short-term.