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Analysts: Crypto Bull Run Likely Far From Over for BTC and ETH
With the broader cryptocurrency market cap now barreling toward $3 trillion, the bulls are clearly in control.
The cryptocurrency markets are back in record territory. Bitcoin has crossed $66,000, while Ethereum is trading above $4,700. Not surprisingly, price predictions are back. And with the broader cryptocurrency market cap now barreling toward $3 trillion, the bulls are clearly in control.
Popular technical analyst Adrian Zduńczyk, who is known as Crypto Birb on Twitter, never gave up on the bull market. Crypto Birb, who is also behind institutional trade group The Birb Nest, recently reminded his followers that he accurately predicted bitcoin would see a new all-time high months before it ever crossed $66,000 in October.
In the summer, fear had gripped the market and investors were selling BTC at the $30,000 level in anticipation of the bottom falling out. Crypto Birb’s bullish call was spot on back then, and now he eyeing bitcoin $80,000, saying that this price level is “imminent.”
In a market update, he uses chart pattern analysis and cites the upper and lower Bollinger Bands, concluding that the technical analysis is bullish though any FUD in the news cycle could pressure prices lower.
Ethereum is already trading in record territory, having surpassed the $4,700 threshold on Sunday. Crypto Birb believes Ethereum has more runway for gains and recently attached a super bullish $20,000 price target on the second-biggest cryptocurrency. He expects this forecast to play out in the next couple of months. If he’s right, Ethereum’s value will balloon by some 325% by early 2022.
Ethereum has already rallied by 525% year-to-date as the NFT and DeFi markets have exploded. Ethereum is in the midst of transitioning to Eth 2.0, which is designed to bolster the scalability of the network and lead to lower fees, all of which are catalysts for further potential gains. Ethereum has been facing some stiff competition from emerging blockchains like Solana, whose price also recently achieved a new record high.
Meanwhile, Gemini co-founder Tyler Winklevoss celebrated Ethereum’s new all-time high, declaring, “Eth is money.”
On-chain analyst Matthew Hyland also predicts that Ethereum’s bull run is far from over. Hyland recently tweeted that “Ethereum is just getting started,” pointing to a prediction for an “extreme move” to the $14,000-plus level and comparing it to 2017’s market.