Price Analysis

Bitcoin Price Eyes For $75k and Ethereum Price Manifests For $5.5k By the End of November!

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The diverse sections in the crypto space such as DeFi, NFT, and Metaverse have been marking higher highs since the start of the quarter. The total market cap of the crypto space has been consolidating around $2.68 trillion. The DeFi space has gained 3.25% profits, while the NFT and Play-to-earn tokens have followed suit with 0.04% and 0.75% profits in 24 hours. 

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As per the market expectations, the leaders of the crypto space have achieved their new ATH earlier last month. Eventually, the cash flow or the profits flow out of Bitcoin and Ethereum has further brought profits to other sections in the space. Yet again the primary coins appear to be gearing up for the actual bull run.

Bitcoin Price Analysis: 

The Bitcoin price has attempted to break above the $62,932 resistance area. However, the flagship asset has failed to regain strength around the same zone. The price has formed support around $61,272. The star crypto has been reiterating a historical pattern. The digital coin before taking up a crucial leg to $41k, the asset hovered around $30.5k for at least a month. 

In addition, prior to hitting the new ATH of 66,930 last month, BTC’s price has undergone a healthy consolidation of around $40.5k. The latest trend appears to be reiterating the identical pattern, as the most valued asset has been hovering between $58k to $60k. The coin is expected to soar beyond $70k if it retains a similar pattern. On the contrary, the price would settle between $50 to $54k support zone. 

Ethereum Price Analysis:

The one-day chart from the trading view indicates Ethereum price brake out from double top pattern rising to $4,419. The current trend highlights an equal fight between buyers and sellers, hence Ethereum price may undergo consolidation in the next couple of days. Moreover, the RSI factor has been hovering around the overbought territory of 62.25, indicating a healthy consolidation. 

The star altcoin has been trading around a decisive phase close to the previous ATH of $4,400. If the significant number of buyers jump in near the resistance zone, then we can expect an incredible ETH price rally up to $5,000 in short term. On the flip side, if sellers outpower buyers in the next couple of days, then the price would settle between $3,900 to $4,100.

Collectively, the market leaders have been trading close below their previous ATH. The potential break out from here could ignite an immense bull season. However, Galaxy, a crypto analytics platform has come up with a whooping prediction for Bitcoin and Ethereum prices. The platform expects BTC price to hit a minimum of $75k and ETH price to smash $5,500 by the end of November.  

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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