Top 3 Price Prediction Bitcoin, Ethereum, Binance Coin: BTC Bullish Case To $65,000 Holds As Russia’s Vladimir Putin Backs Crypto Payments
- Bitcoin rises to $58,000 after mid-week losses to $55,000 trigger widespread gains across the market.
- Russia’s President Putin supports cryptocurrencies as a means of payment, but the time is not suitable for trading oil and commodities.
- Ethereum bulls are ready to break the supply zone at $3,800 and close the gap to $4,000.
- Binance Coin settles above $480 as investors focus on the next barrier at $500.
Bitcoin’s mid-week shakedown to $55,000 was a healthy retracement that the bulls needed to gain higher momentum. This explains the uptick above $58,000 earlier on Thursday. In other words, investors took advantage of the relatively lower prices to buy the dip amidst speculation for gains targeting the all-time highs close to $65,000.
The flagship cryptocurrency is up 6% based on the live price data from CoinGecko. Ethereum seems to have taken the lead, trading 7.6% higher in the last 24 hours, while Binance Coin is not ready to lag behind its peers considering its 5% upswing.
Polkadot stood out among other altcoins with an impressive 20%nrally to $43 following an announcement that the team was ready to roll out parachains. As reported earlier, parachains are a core part of the protocols’ mega roadmap and have been in development for the last five years.
Vladimir Putin Reckons That Crypto Has The Right To Exist
The Russian President, Vladimir Putin, has weighed on cryptocurrencies amid rising global scrutiny. In an interview with CNBC on Thursday, Putin reckoned that cryptocurrency “has the right to exist and can be used as a means of payment.” Nonetheless, he cautioned that time is not ripe to use digital assets to trade commodities such as oil.
These remarks come barely a day after Deputy Finance Minister Alexei Moiseev said that Russia had no plans to go China’s way and impose a ban on cryptocurrencies. However, the central has frequently warned people from trading cryptocurrencies, saying that they are highly volatile.
Bitcoin Potential For ATH Keeps Rising
Bitcoin is exchanging hands at $57,780 after rebounding from the mid-week pullback to $55,000. The uptrend stepped above $58,000 earlier in the day but faltered before bulls took complete control.
A real break above the crucial $58,000 level would call more buyers from the sidelines, triggering gains past $60,000. Speculation, which is already high for BTC’s ability to close the gap to $65,000, is bound to increase.
The short-term technical picture has remained bullish, currently accentuated by the MACD’s buy signal.
BTC/USD Daily Chart
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Ethereum On The Final Stretch To $4,000
Ethereum bulls are almost thought of harrowing into the supply zone I have discussed severally this week at $3,800. A break above this seller congestion might bolster Ether to $4,000, a move likely to trigger another swing high to the all-time highs around $4,400.
The four-hour chart highlights the bullish picture by shining a light on the Relative Strength Index (RSI). As this technical index rises into the overbought region, bulls get more aggressive.
Moreover, the MACD emphasizes the potential breakout following a buy signal, as seen in the chart. The odds tuned in favor of the bulls as the MACD stepped above the mean line.
ETH/USD Four-Hour Chart
On the flip side, if bulls fail to close the day above $3,800, we can expect delays in the uptrend to $4,000. A correction may start building toward the primary support at $3,400.
Check Out: Is it Better to Invest or Trade Ethereum?
Binance Coin Inches Closer To $500
Binance Coin has not slowed down the push for gains above $500. The news of the exchange rolling out a $1 billion blockchain fund initiated the rally from lows of $370 to $480.
Currently, bulls appear to have secured higher support above $480, allowing investors to gaze toward $500. All the technical indicators on the daily chart affirm the potential upswing.
BNB/USD Daily Chart
Realize that settling above $500 could be a challenge mainly due to the supply zone marked red. If bulls achieve this goal, BNB will enter a new phase of its recovery, aiming for all-time highs.