The cryptocurrency market has bottomed out, and crypto experts are predicting a very strong increase from the present levels to the end of 2018. While Tom Lee of Fundstrat believes that the value of bitcoin will get to $25k by the end of this year, deVere Group (an independent financial consulting company) also predicted that the value of Ethereum will get to $2,500 by the end of this year. Here’s the price analysis of some of the leading digital currencies in the crypto market.
Analysts have held on their long position of Bitcoin because the price is inside an ascending channel. If the ascending channel support line is successfully defended by bulls, an increase to the $10k mark followed by a move to the channel’s resistance line is probable. If the changing pair of BTC/USD falls below the ascending channel, the twenty-day EMA might support it: under the line, it will become negative and the value will drop to $8,700.
The value of Ethereum has been increasing gradually. For the last 48 hours, the value of Ethereum has made a comeback from the $700 mark. If the trend continues this way, there might be an upsurge and the value will rally to $745. If the changing pair of Ethereum falls below the trendline, it can drop to the twenty-day EMA at $600.
After the dramatic reduction in the value of Bitcoin Cash, the cryptocurrency is presently consolidating between $1,220 and $1,600. The price of BCH has remained closer to the tight range mid-point at the $1,400 mark. There might be a couple of days of this range-bound action before the value finally breaks out. The break out should increase the value of Bitcoin Cash to $2k. On the other hand, if the value drops down below the $1,200 mark, the digital currency can slide to the $1k mark.