market | Biz Builder Mike

Ethereum Price Prediction: ETH/USD May Crash to $300 Support as Selling Pressure Grows Heavy

September 23, 2020 by bizbuildermike

ETH Price Prediction – September 23

ETH/USD has been unable to see any relief following the massive influx of selling pressure that stopped it from seeing any further gains.

ETH/USD Market

Key Levels:

Resistance levels: $400, $420, $440

Support levels: $285, $265, $245

At the time of writing, ETH/USD is trading marginally at its current price of $338.76. This is the price at which it has been trading for the last few days. However, ETH trends in the short term are likely to be heavily reliant on BTC, as the benchmark crypto has had a firm grip on its smaller counterparts of late.

Would Ethereum Go up or Down?

ETH/USD has been able to establish the $332 region as a strong support zone. Every drop here has been faced with aggressive buying pressure. Therefore, if it sustains above this level, it could potentially start to navigate back to its resistance between the $350 and $380 levels. If the buying pressure evaporates around $335, it could see Ethereum incur some heavy downwards momentum that sends it to the supports at $285, $265, and $245.

In the meantime, it is important to note that all these losses that the coin has suffered have fundamentally changed the structure of the cryptocurrency market. Traders are to note that ETH/USD in the short term could be positioned to see a significant downside effect. Buyers should be on the lookout for $400, $420, and $440 as a target to watch and a strong bullish reaction at this level is vital for Ethereum to maintain its medium-term outlook while the RSI (14) is seen moving above the 40-level.

Against Bitcoin, we can see that Ethereum is clearly bearish. Meanwhile, as the price falls, the sellers are posing an additional threat for buyers to reach the support level of 0.032 BTC where the nearest target is located. However, an eventual break below the lower boundary of the channel may cause Ethereum to collapse.

Meanwhile, the continuation of the downtrend could hit the main support at 0.0310 BTC before falling to 0.0300 BTC and below. More so, the buyers may likely push the market above the moving averages to reach the potential resistance at 0.0360 BTC and above if a rebound plays out. The RSI (14) is about to cross below the 40-level indicating that the sellers are in control.

Ethereum Price Prediction: ETH/USD May Crash to $300 Support as Selling Pressure Grows Heavy

Source

Bitcoin Price Prediction: BTC/USD Is Stable and Consolidates above $10,300 Support

September 22, 2020 by bizbuildermike

Bitcoin (BTC) Price Prediction – September 22, 2020
Since 24 hours ago, Bitcoin fell to the support at $10,321 and resumed consolidation above it. The king coin fluctuates between $10,300 and $10,500. After the breakdown, BTC is trading marginally above the current support.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

On September 13, BTC rebounded above $10,200 as the price rally to $11,000 and $11,200. However, buyers could not sustain the upward move as the coin was repelled. The $11,000 and $11,200 are now strong resistances for BTC to overcome before attempting to resume the upside momentum and retest the $12,000 resistance. Buyers must break these resistances and reclaim them as support levels. Nevertheless, after BTC was repelled at the resistance, the price fell to $10.800 support.

After a retest at the $10,900 high, the downtrend resumed. The bears broke the $10,800 support again and plunged to a $10,300 low. As the market fell sharply to the previous lows there was no price rebound, rather BTC was trading marginally. However, BTC upward move may take some time as price fails to rebound at the recent lows. Nevertheless, the coin will have another chance as the bears will like to push BTC to the $10,000 or $9,800 lows. At that level, a strong bounce above those levels will signal the resumption of the uptrend.

Bitcoin Is Better Than Gold Says Tyler Winklevoss
Tyler Winklevoss is the co-founder of the Gemini crypto exchange. According to him, for over a decade Bitcoin has risen dramatically in price, surpassing numerous landmarks and price comparisons. Many have advocated that Bitcoin should be a store of value other than a transactional currency. In his social media post, Winklevoss added a chart putting Bitcoin and Gold against each other. Gold has a market cap of $9 trillion, while BTC has a market cap of $200 billion. Bitcoin took the win for scarcity, durability, portability, divisibility, storage, and counterfeit difficulty. In 2020, BTC has also recently gained further attention as a store of value in popular public opinion.

Nonetheless, in the meantime, Bitcoin is trading above $10,300. According to the Fibonacci tool, a retraced candle body tested the 78.6% Fibonacci retracement level on September 3 downtrend. This indicates that BTC will fall and reach a low of 1.272 Fibonacci extension level. At the 1.272 extension, the coin will initiate a reversal and return to the 78.6% retracement level where it originated.

Bitcoin Price Prediction: BTC/USD Is Stable and Consolidates above $10,300 Support

Source

Institutional investors plan to buy every Bitcoin price dip, data suggests

September 22, 2020 by bizbuildermike

A new survey commissioned by crypto asset insurance company, Evertas, a cryptocurrency insurance firm, found that institutional investors plan to significantly increase their stakes in Bitcoin (BTC) and other digital assets in the future.

After surveying 50 institutional investors that collectively manage over $78 billion in assets in the United States and United Kingdom, a standout response was that 26% of participants believe that pension funds, insurers, family offices and sovereign wealth funds will raise their stakes in cryptocurrency “drastically”.

64% of participants believe the increase in interaction will be moderate, but the group also expects that hedge funds will be more actively engaged in crypto. 32% of respondents believe hedge funds will increase their crypto holdings drastically.

Institutions have a love-hate relationship with crypto

Institutional investors seem keen to invest in Bitcoin and other cryptocurrencies partially because they believe regulations for the crypto market will improve and become clearer in the future.

Others believe that the market will eventually become bigger, providing better liquidity, a feature that most institutional investors require. As the market improves, many also believe there will be a wider range of investment vehicles for institutions to choose from.

The survey also found that there are still many bumps in the road to crypto institutionalization. More than half of the participants said that they are concerned about the lack of insurance for digital assets, while others are worried about the quality of custodial services, trading desks, reporting facilities and the procedures of other companies working in the sector.

J. Gdanski, CEO and Founder of Evertas, told Cointelegraph:

“Our research shows that institutional investors are enthusiastic about increasing their exposure to cryptocurrencies and crypto assets in general, but there are clearly many issues regarding the infrastructure that supports these markets that still concerns them. These clearly need to be addressed if the full potential of investment from institutional investors in crypto assets is to be realised.”

While the outlook on regulating Bitcoin and other established crypto assets may be positive among institutional players, the same may not be true for other sectors of the cryptosphere.

Such sectors include decentralized finance (DeFi) and stablecoins, which have seen massive growth in 2020 and may soon face their own regulatory hurdles.

Institutions ignore Bitcoin’s volatility by taking a bird’s-eye view

While the price of Bitcoin has failed to live up to the post-halving rally that many investors anticipated, institutions remain interested in Bitcoin. Recently, the trading volume for Bakkt’s Bitcoin futures reached a new record of more than $200 million worth of contracts exchanged, suggesting that institutions are still accumulating BTC.

Furthermore, mainstream fund managers are beginning to enter the market, a sign which the majority of the Evertas survey participants believe is a major factor in the institutional adoption of crypto.

Just last week MicroStrategy CEO, Michael Saylor, followed the footsteps of veteran investor, Paul Tudor Jones by purchasing 21,454 BTC. Earlier in the year Jones revealed his stake in Bitcoin, describing the assets as the “fastest horse” with the best odds performance wise.

As investors’ interest in crypto-assets grows and the regulatory landscape for these assets becomes more clear, it’s expected that the wave of institutions flocking to Bitcoin will continue to increase.

Institutional investors plan to buy every Bitcoin price dip, data suggests

Source