Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Bulls Pick The Baton As $54,000 Beckons

The cryptocurrency market is dotted green and red following a lethargic weekend session. Despite the gradual price action, Bitcoin reclaimed the ground above $50,000 while Ethereum climbed above $1,700. On the other hand, Ripple sustained the price action above $0.45 and is currently aiming for $0.5.

gold-colored Bitcoin

Image Source: Unsplash

Institutional investment continues to stream in

Norway gas giant Aker has announced the establishment of a Bitcoin investment unit. In a letter to its shareholders, the firm said that roughly $58 million would be invested in Bitcoin and other related projects. The firm said that the decision was arrived at following length discussion regarding value. According to the company chairman, Kjell Inge Røkke:

Bit­coin is like gold, but better.

Peo­ple who know the most about bit­coin be­lieve its fu­ture suc­cess is near­ly in­evitable. Where­as the oth­er camp thinks that its fail­ure is equal­ly cer­tain. Sta­tus quo is not pos­si­ble.

Bitcoin must hold above $50,000 for the upswing to $54,000

The flagship cryptocurrency is trading at $50,200 after yet another rejection at $52,000. The 61.8% Fibonacci level has reinforced the selling pressure at this level. Slightly under the price, the 50 Fibo is in line to offer support.

Bitcoin must hold above $50,000 and the 50% level to ensure stability in the fight for gains toward $54,000. The Moving Average Convergence Divergence validates the uptrend by holding within the positive area. Moreover, if the MACD line (blue) cross above the signal line remains intact, BTC's uptrend will catch momentum.

(Click on image to enlarge)

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Ethereum technical breakout targets $2,000

Ethereum extended the recovery above $1,700 over the weekend. However, it lost steam short of $1,800 despite the formation of an inverted head-and-shoulders (H&S) pattern. The resistance at $1,800 needs to come down to allow bulls to focus on the higher price levels.

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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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