Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fundstrat’s Tom Lee Foresees BTC Breakout To $100,000 By End Of 2021
- Bitcoin price settles above $45,000 after bears drew the line at $47,000.
- Tom Lee says that Bitcoin and the global economic industry will blossom as the fears surrounding COVID-19 decrease.
- Ethereum price is stuck between resistance at $3,200 and support at $3,000.
- Ripple price is on the brink of a major breakout to $1 if the multi-month trend line resistance shatters.
The cryptocurrency market is dotted red and green, following widespread corrections from the gains posted on Sunday and Monday. Bitcoin made haste toward $50,000 after breaking the hurdle at $45,000, but sellers presented a fierce battle at $47,000. At the time of writing, the bellwether cryptocurrency is trading slightly above 45,000, while bulls still hope to put up a formidable fight for gains above $50,000 in the coming sessions or days.
Intriguingly some crypto assets are posting considerable gains on Tuesday, including Cardano (up 7%), Litecoin (up 6%), Internet Computer (up 8%), and Axie Infinity (up 26%).
Tom Lee Believes Bitcoin’s Surge To $100,000 By The End of 2021
Thomas Lee, a prominent analyst and a managing director at Fundstrat Global Advisors, says that Bitcoin and the cryptocurrency market at large will increase in value as the impact of COVID-19 decreases globally. Lee was speaking during an interview with CNBC where he said that the world’s financial industry, including Bitcoin, will recover as COVID-19 cases dwindle.
“A hundred thousand into year-end is pretty reasonable.”
As fears surrounding COVID-19 reduce toward the end of the year, global economies will start experiencing a boom, including Bitcoin, according to Lee. Moreover, the market will assume a “risk-on” mode, triggering numerous assets. In his previous prediction, Lee stated that:
“I think that 2021 will be a lot like 2017, which means that bitcoin will do even better in 2021 than it did in 2020. So something above 300%.”
In the meantime, Bitcoin is trading at $45,350 while bulls focus on defending support at $45,000, as highlighted by the 200-day Simple Moving Average (SMA). Recently, the flagship cryptocurrency made it above $46,000 but ran out of steam as buyers tackled the barrier at $47,000. With bears having drawn the line at this level, it is up to the bulls to regroup and launch a new mission and will see them lift above $50,000.
Some key pointers infer that BTC is in the bulls’ hands despite the stalling. For instance, the Moving Average Convergence Divergence (MACD) has a vivid buy signal that has continued to sustain since July 22. If this technical index keeps favouring the bulls, we can expect Bitcoin to crack the hurdle at $47,000 and enhance the bullish outlook for a swing past $50,000.
BTC/USD Daily Chart
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Ethereum Price Stuck Between A Rock And A Hard Place
Ethereum managed to reclaim the position above $3,000; however, movement beyond $3,200 is still a challenge. At the time of writing, Ether is dancing at $3,130 while bulls focus on lifting past the immediate barrier at $3,200.
According to the MACD, the bullish outlook is far from over, and buyers only need a catalyst to trigger gains toward $4,000. On the downside, the intermediate support at $3,000 must hold to ensure that attention is kept on the recovery mission and not to hunt for another support.
A possible death cross pattern was nullified as the 50-day SMA sustained the position above the 200-day SMA. If the technical picture remains unchanged, we expect Ethereum to resume the uptrend in coming sessions or few days.
ETH/USD Daily Chart
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Ripple Bulls Put Up A Fierce Fight Above $0.8
The international money transfer token XRP is trading roughly at $0.82. Its immediate downside is protected by the 200 Simple Moving Average (SMA), ensuring no room for correction.
However, Ripple is dealing with immense resistance at the multi-month descending trend line. Perhaps a break above this barrier could catapult the token to $1. Realize the MACD has a minor signal, favouring the bulls. As the momentum index settles above the mean line, investors are encouraged to buy into the XRP, thus, creating a formidable force for gains aiming for $1.
XRP/USD Daily Chart
If the 200-day SMA support shatters, the bullish outlook will quickly flip bearish, allowing Ripple to explore levels below $0.8. Support is expected at $0.75 and $0.7, respectively.
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