Weiss Crypto Ratings Experts: Bitcoin to Hit $70,000 Next Year – BTC, ETH, LTC Price Analysis, 13 July 2020
Bitcoin will hit $70,000 next year, according to a price forecast by Weiss Crypto Ratings experts. In a recent analysis, Bruce Ng and Juan M. Villaverde outlined three major reasons behind a potential ferocious rally.
The first one is the infinite money printing by the US Federal Reserve System. The US Fed has injected $2.9 trillion in a matter of just 13 weeks.
The second one is the constantly growing institutional investors' interest in the crypto market. For example, major venture capitalist Andreessen Horowitz, who recently raised half a billion dollars, is going to invest this amount in crypto start-ups.
And, the third reason mentioned by the experts from Weiss Crypto Ratings is the so-called stock-to-flow (S2F) analysis, which is widely respected in the crypto world. The current S2F analysis says that Bitcoin should reach almost $70,000 by mid-2021:
Although there is no guarantee that the price forecast of Weiss Crypto Ratings's experts will happen, one thing is almost clear: the price of Bitcoin won't drop to $0. This is what Hashcash inventor Adam Back wrote in a recent humorous tweet, pointing out that he placed a live buy limit order for all 21 million BTC at 2 cents:
The cryptocurrency market continues to struggle to find direction. At the time of writing, according to Coin360.com, one Bitcoin costs €8,230.94 (+0.01%), one Ethereum – €214.98 (+1.01%), and one Litecoin – €39.80 (+0.04%):
Source: Coin360.com (Daily crypto market performance)
Now let's check the price charts of the major cryptocurrencies against the euro.
In the weekly time frame (1W), BTC/EUR is trying to rebound from the lower bound of the consolidation that we mentioned in our previous analysis:
As shown in the chart above, the local high of the candlestick for the last week is above the local high of the candlestick for the week before. The same holds for the local lows of these candlesticks.
Therefore, this is a slight signal that the bulls are trying to regain control over the market and to push the price up to the upper part of the consolidation range or close to €9,000 per one digital coin. The closest support for BTC is the lower part of the consolidation range or €7,800 per one digital coin.
In the 4-hour chart (4H), ETH/EUR has formed an «Ascending Triangle»:
According to the technical analysis theory, the «Ascending Triangle» is considered to be a trend continuation pattern. Therefore, it is likely that the price will break out in an upward direction.
However, we think that if one wants to open a long position, it is better to wait for ETH/EUR to exit the triangle.
In the 4-hour (4H) time frame, the price chart of LTC/EUR has been moving within a «Falling Wedge» since the end of April:
We think that LTC/EUR will break out (exit the wedge) and renew the uptrend, only if the bullish sentiment returns to the crypto market and the prices of most of the major cryptocurrencies start to increase.
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