Cointelegraph Team
Cointelegraph
Bitcoin (BTC) briefly hit $60,000 on April 2 in the latest installment of its slow grind back to all-time highs.
BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview
BTC price taps $60,000
Cointelegraph Markets Pro and TradingView showed bullish tendencies remaining overnight for BTC/USD, with local highs of $60,110 on Bitstamp.
A correction brought the pair down nearer to $59,000, circling $59,500 at the time of writing.
The sustained higher levels mean that Bitcoin has effectively canceled out the flash crash from earlier this week, while still continuing to trade in a defined corridor.
For popular trader Crypto Ed, the outlook was for $60,000 to disappear as resistance based on fading selling pressure on exchanges. Higher than $70,000, however, may have to wait longer.
"I mentioned BTC target $73k and ETH $2300," he wrote on Friday.
"From what I see now, ETH is on track. BTC not convinced yet it will reach that target in this cycle but I do think we'll see a strong push above 60k (soonish)."
Others are more optimistic, with short-term estimates including $68,000 and $73,000 and 2021 targets exceeding $288,000.
BTC/USDT buy and sell levels (Binance) as of April 2. Source: Material Indicators
"The ~$57,500 area rejected BTC in February. But it looks like BTC turned this exact same level into support a couple of days ago," fellow Twitter trader Rekt Capital added.
"Now it's about follow-through from here. And we're seeing some follow-through today."
Ether at $5,000 "inevitable"
Crypto Ed touching on Ether (ETH) comes as the largest altcoin by market cap touched $2,000 for the first time since Feb. 20.
After dipping in line with Bitcoin price action, ETH/USD returned to form over the past week, seeing almost constant higher highs on daily timeframes to near its historic record of roughly $2,040.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
As Cointelegraph reported, price targets for Ether are now more bullish than ever, and include $2,600 next, with $5,000 and even $10,000 in play.
The amount of ETH held by exchanges, like BTC, has been dropping sharply this year.
ETH exchange reserves vs. ETH/USD. Source: CryptoQuant
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 and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?