Cryptocurrency Market Update: BTC/USD to settle in the range of $50,000 — 100,000  - Tuur Demeester

A prominent economist and a founder of Adamant Capital Tuur Demeester forecasts Bitcoin rally towards $50,000 — 100,000. To illustrate the point, he draws parallels between the inflow of institutional investors and conquests of territories during Wild West epoch.

12 months ago bitcoin broke out of its accumulation phase, and re-accumulation started. A break out of this band will likely ignite another parabolic rally.

However, he also pointed out that BTC may crash to $6,000 before the growth is resumed. Demeester says that a sustainable move outside trading range $7,500-11,500 will create a strong bullish momentum, provided that the price breaks above the upper boundary of the above-said channel.

Top-3 cryptocurrencies price updates

Bitcoin (BTC) has recovered from the intraday low and stuck in a range above $9,700. The first digital asset continues moving within a short-term bullish trend; however, a strong move above $10,000 is needed for the recovery to gain traction. Once it is out of the way, the upside pressure is likely to increase with the next focus on the highest level of 2020 at $10,511.

Ethereum came close to $217.00 on Monday only to retreat to $209.22 during early Asian hours. The second-largest digital asset managed to recover to $212.50 b press-time, but the upside momentum remains slow at this stage. The next resistance is created by the intraday high of $15.83 followed by $217.00 and psychological $220.00. 

XRP/USD is locked in the middle of $0.2000-$0.2100. The coin managed to settle above the former resistance of $0.2000, which now serves as a strong support, but the further upside seems to be limited for now. The next resistance is created by $0.2080 (intraday high), followed by $0.2100.