Bitcoin price recently got a major boost while the price was swinging in a consolidation phase, Elon Musk being one of the reason. The price which was trending around $32K rose like a giant above $37K within no time. Moreover, the bullish momentum seems to be intact as the price is on the verge to surpass $38K any moment from now.
Once the upper resistance levels at $38,607 are tested the BTC price is expected to test the next levels at $40,500 soon as per the analyst Micheal van de Poppe.
Analyst like Lark Davis, still believe the BTC price rally would continue and may hit $50K in this month as the CEO of Microstrategy, Micheal Saylor held a Bitcoin conference. Nearly 1400 institutions attended the conference and hence, bitcoin adoption may witness a huge spike in the coming days.
However, on the contrary, according to analysts, The Wolf of All Streets, some traders are trying to short Bitcoin price as Saylor taught many institutions to buy bitcoin. Therefore, a bitcoin massive rally can be expected shortly.
The ethereum price which got rejected multiple times at $1450, broke the strong resistance levels and surged high close to $1700. One of the popular hedge funds, Grayscale reopened the Etheruem trust funding and acquired 47,000 ethereum in the last 24 hours. This might be one of the reasons for the surge.
The bull rally is anticipated to continue until the ETH price touches the set target at $2000 as per the analysts Galaxy Trading.
The analysts also said that institutions are still buying ETH at a cheaper price as the weaker hands are continuously selling them. Further he also mentioned the flow of the profits from Bitcoin to ethereum and finally the profits poured in Litecoin.
Collectively, the Bitcoin price rally and ethereum price rally is expected to continue at an accelerated pace to hit their respective targets. Initially, the BTC price may attain the $50K levels any time from now, however, the ETH price is expected to follow the rally and hit $2000 soon.
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