Bitcoin has been on a bumpy ride throughout the past few days. Bulls sent the cryptocurrency to a record high of around $19,800 yesterday before losing ground to bears.
Since then, the cryptocurrency price fell sharply, hitting a low of $ 18,200. The buying pressure here was quite intense and caused an almost instantaneous recovery.
This morning, BTC rose to $ 19,400 before facing a surge in selling pressure that slowed its ascent and sent it plunging below the $19K level. At the time of writing, the BTCUSD pair is down about 2% to trade at $18,973 as per data from TradingView.
BTCUSD Chart by TradingView
10x Bitcoin Price Rise in 2021
According to a pioneering online chain analyst, one of his economic models recently predicted that Bitcoin would experience tremendous momentum.
Willy Woo is pointing to the model below that indicates BTC could be trading between $ 200K and $300K by the end of 2021.
Bitcoin Price Model By Willy Woo
Mike Novogratz seems to agree with Woo’s prediction that BTC could see a parabolic surge in value in the coming months.. He noted on Twitter that bitcoin is becoming a “digital gold story” as more institutional players invest in the crypto asset.
Adding to the bold prediction shared by Woo, the Winklevoss Twins recently told CNBC’s “Squawk Box” that BTC could appreciate 45x from where it is today, which means investors could see a price of $500K per bitcoin.
These predictions seem a little exaggerated, but if Bitcoin breaks above $20k and sees price action similar to that seen in its previous price discovery bouts, six-digit BTC may be close at hand.
ETH Price is Showing Positive Signs
In today’s early sessions, the ETH price gained bullish momentum above the $585 and $600 resistance levels. It even traded close to the $620 resistance before correcting slightly lower.
The popular altcoin formed a high near $618, and is now showing positive signs of a further uptrend in the near term. ETHUSD is currently consolidating gains and trading near the $607 level.
ETHUSD Chart By TradingView
Ether is currently facing hurdles near the $618 and $620 levels. A break below the $ 600 level could push the price into the $ 580 support zone. Any further losses might send the second-largest cryptocurrency lower towards $570.