March 4, 2021

A Crypto Investor

Just another Crypto Guys Blog

Price analysis 12/2: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM

Bitcoin price hit a new all-time high above $19,892 on Dec. 1. This is a significant event because it proves that the rally in 2017 was ahead of fundamentals but not a bubble. Generally, when a bubble bursts, it takes several years for the price to cross the high made during the bubble. 

For example, the Japanese stock market bubble came after a high was made way back in 1989, and that level has not been conquered yet. Similarly, silver’s high close to $50 per ounce was made in 1980, and the price came close to that level only in 2011. The Nasdaq made its high made during the dot-com bubble in 2000, and this was only crossed in 2015.

Now that it has been established that Bitcoin (BTC) was not in a bubble, the next question in the minds of traders is: How high can BTC price go?

Daily cryptocurrency market performance. Source: Coin360

Several analysts have forecast target levels according to their assumptions and calculations. However, traders should not get carried away with lofty targets because even strong uptrends witness nerve-racking corrections. Traders should aim to trade with the major trend because it generally proves to be profitable.

The increasing interest from the institutional investors suggests that the uptrend could still have some steam left. Reports suggest that it took only three investors to raise $150 million in two separate cryptocurrency funds by the New York Digital Investment Group. While the fundamentals look strong, do the technicals also support a further rally?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.