After breaking their previous records, how far will Bitcoin (BTC) and Ether (ETH) go?

Bitcoin soon at $ 80,000?

After several months of consolidation giving rise to the breaking of a wedge (chartist pattern in yellow) on the daily chart, the price of Bitcoin has finally managed to achieve a new price record (ATH) at $ 67,270.

How far could this increase continue?

The daily Bitcoin chart (Daily) by Tagado

Bitcoin Daily Chart (Daily)

We had been talking about this wedge for several months and it was following its breakout that the rise accelerated with a new bullish dynamic. With this top exit, the target at $ 82,560 is now activated, it corresponds to the height of the pattern reported at the point of the breakout.

With the price being very largely supported by the Tenkan, the Kijun, the high trendline of the bevel as well as the cloud, Bitcoin now looks set to move towards new, even more impressive records, above $ 80,000.

As a reminder, this bullish scenario would however be invalidated if the price of Bitcoin were to re-enter the daily pattern at the close. It is therefore important to preserve the $ 50,000 area as a new support for BTC.

👉 Find our guide to buy Bitcoin (BTC)

Ether (ETH) breaks its Daily pattern on the rise

While now trading above $ 4000, Ether is most likely heading for new price records as well.

Ether (ETH) daily chart by Tagado Bitcoin

Ether (ETH) chart in Daily

Indeed, just like Bitcoin, ETH made a multi-month consolidation within a Daily triangle, which was eventually broken upward. Taking advantage of the strongly bullish momentum of Bitcoin, Ether and a majority of altcoins thus in turn break their pattern from above, giving beautiful bullish configurations.

Regarding ETH, its bullish target at $ 5,940 is therefore activated, it corresponds to the height of the triangle reported at the point where the pattern breaks. This scenario would be invalidated if the price were to close below the cloud around $ 3,080.

Nevertheless, the price of Ether being carried by all the curves of the Ichimoku, the current configuration looks very encouraging for the coming weeks. It would indeed be necessary to break again all these supports on the downside to give a bearish signal again.

In conclusion

Bitcoin (BTC) and Ether (ETH) are on the rise again and appear to be heading for new price records in the coming weeks.

Will the end of the year be once again explosive for cryptocurrencies?

👉 Follow our section dedicated to technical analyzes

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

What to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.

About the Author: Tagado


Passionate about crypto-currencies since 2017 and a fervent defender of knowledge sharing, I am a YouTuber, crypto analyst and regular trader. Each week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as Ichimoku as well as chartist patterns.
All articles from Tagado.

Back to top button