Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Elon Musk Buys Bitcoin Igniting The Next Bull Run

The cryptocurrency market is a bust of activities as we usher in the weekend session. Dogecoin was pumped by traders on Reddit and speculators on Twitter, leading to a 600% upswing. However, the most intriguing and unexpected news is that the founder of Tesla, the leading manufacturer of electric vehicles, Elon Musk, has finally purchased Bitcoin.

Cryptocurrency, Business, Finance, Money, Wealth, Gold

Image Source: Pixabay

Speculators in the cryptocurrency community are in a beast mode as Bitcoin swings higher. In less than an hour, Bitcoin has recovered from $32,000 to trade above $36,000. The massive move has already started to impact the altcoins, which have been showing enormous rally signals.

Speculators pump Bitcoin price toward $40,000

BTC recently tested support at $30,000, a move I described as hunting for a higher bottom. Bitcoin needed to hold this support. Otherwise, a descending triangle could have sent to lower price levels, perhaps below $25,000.

The recent gains above $32,000 added credibility to the recovery mission; however, Elon Musk buying Bitcoin has elevated the prices to $36,000. For now, BTC is back to trading above all the three applied moving averages; the 50 SMA, 100 SMA, and 200 SMA. Because the Relative Strength Index is not quite overbought, the pioneer cryptocurrency could shoot up toward $40,000.

(Click on image to enlarge)

BTC/USD price chart

BTC/USD 4-hour chart

Meanwhile, if the price fails to hold above $36,000, overhead pressure is likely to increase. A bearish leg under the 100 SMA or $34,000 may trigger massive sell orders. The people pumping the price now could also dump, adding to the selling pressure and perhaps push Bitcoin back to $30,000.

Ethereum touches $1,400 amid heightened speculation

Ethereum is predicted to $2,000 and $3,000 in the coming weeks. However, the second-largest cryptocurrency is trading under $1,400. The break above the falling wedge pattern occurred as predicted on Thursday.

Trading above the 50 SMA added credence to the bullish outlook in addition to providing support. Meanwhile, the pump in the price of Bitcoin has boosted ETH to brush shoulders with $1,400.

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Monica Kingsley 1 month ago Contributor's comment

Stating the obvious, Bitcoin is in a secular bull market. and looks getting ready for a move higher indeed as you say. Not afraid of the large upper knot - it is a sign patience will be needed for the bulls.