This is it, here we are! What are we talking about? The new ATH for BTC of course!
Today we’re going to take a look at Bitcoin’s recent performance and its future prospects, but not only that! Indeed, we will also analyze Ethereum and try to find some promising altcoins for the end of 2021. Let’s get started!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. It is very important to do your own research and analysis before making any investment based on your personal circumstances.
We’ve been waiting for this for 6 months and Bitcoin finally broke the $64,800 level yesterday with a peak of $67,000 reached on Binance. Although this break was not made with an impressive volume unlike the break of $60K, it is still very promising for the continuation of the bull market as we have registered a new higher high!
Perfect then? Yes and no! Indeed, on a larger time frame such as the weekly, we do have our higher high but it is not yet confirmed by a weekly close above this level. If BTC ends the week above $65,000, then we will have that confirmation.
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What about the second largest crypto? Unlike BTC, ETH still hasn’t reached its ATH of around $4,380 but has nevertheless broken through its major resistance zone of $4000.
If market sentiment remains the same, we can expect ETH to join BTC in marking a new ATH as well. However, with the technical situation largely overbought, we could see a retracement in teh short term.
If this is the case, we could then open a long position around $4,000 to target a break of the ATH this time. The fact that BTC’s dominance, from a technical analysis point of view, is below resistance could also help ETH break its ATH.
ETH: the fundamentals ?
The fundamentals for Ethereum are very good, even if the scaling and therefore the fees, remain a problem. The release of 2.0 in the future should put an end to these exorbitant transaction costs.
This persistent craze for ETH is not unrelated to its Total Value Locked (TVL), in DeFi. Indeed, if we take the ranking of the 10 biggest DeFi projects in terms of locked value, 8 use the ETH blockchain and 2 others use Ethereum and Polygon.
The potential release of an ETF on ETH as well as 2.0 further strengthens the fundamentals. If we analyze the crypto options market, we can notice a strong buying activity on the $15,000 call maturing March 2022, which shows a strong positive sentiment about the future of ETH.
3 Altcoins for Q4?
The first one, as you might expect will be ETH, I gave you an entry price for it (see above). Second, Cardano is a very good pick as the project is extremely strong. Finally, I would add Solana which also has a solid project but is also breaking technical resistance.
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In conclusion, we know that BTC will remain the spearhead of the crypto market for a long time to come. Nonetheless, other projects have an important use case, such as Ethereum, which is revolutionizing the world we live in at lightning speed.
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