Daily Crypto Signals: Bitcoin Nears $119K, Ethereum Breaks Above $4,300 as Crypto Bulls Dominate Weekend Trading
Bitcoin approached $119,000 in weekend trading while Ethereum surged past $4,300 to hit its highest levels since December 2021, with analyst
Quick overview
- Bitcoin approached $119,000 over the weekend, with analysts predicting a potential rally towards $120,000.
- Ethereum surged past $4,300, marking its highest level since December 2021, with forecasts suggesting prices could reach between $6,000 and $20,000.
- The crypto market experienced $350 million in liquidations, primarily from short positions, as bullish momentum continued.
- Technical analysts are optimistic about both Bitcoin and Ethereum's future, citing significant price targets and historical patterns.
Bitcoin BTC/USD approached $119,000 in weekend trading while Ethereum ETH/USD surged past $4,300 to hit its highest levels since December 2021, with analysts predicting further rallies toward $120,000 for BTC and $6,000-$20,000 for ETH. The crypto market saw $350 million in liquidations over 24 hours as short positions faced mounting pressure from the sustained bull run.
Crypto Market Developments
Over the weekend, the cryptocurrency market saw a lot of movement. Bitcoin hit new highs for August, reaching about $119,000, and Ethereum broke through important barrier levels above $4,300. In 24 hours, total crypto liquidations reached $350 million. Most of these were short bets, since bulls were in charge of trade. At the same time, the larger crypto ecosystem continued to encounter regulatory problems. Reports said that “crypto debanking” was still going on, even though things changed in Washington.
World Mobile started a new 5G network project using drones, which shows that decentralized infrastructure is still being developed. Vitalik Buterin became a “onchain billionaire” again after Ethereum’s price rise made his portfolio worth more than $1 billion.
Bitcoin Gears Up for a Breakout Past $120,000?
Bitcoin traders are getting ready for what could be a huge short squeeze. Analysts say that a price rise of just 10% from where it is now may cause over $18 billion in short liquidations. During weekend trading, the cryptocurrency hit $118,760 on Bitstamp, setting fresh August highs as traders got ready for what popular analyst Rekt Capital called a “decisive weekly close.” The way things are set up right now makes it look like Bitcoin is about to get back to the $117,200 level as support. This might lead to a long-term rise into new all-time highs.
Several observers are looking at the $120,000 level as the next big goal for Bitcoin in the future. BitBull, a well-known trader, said that Monday might see some bearish correction as traditional financial markets reopen, but the general trend is still optimistic and there is a chance of surges beyond $120,000. Technical analysis shows a CME gap at $116,500 that may need to be filled before the next leg up. Crypto entrepreneur Ted Pillows says that Bitcoin has historically respected these gaps in the futures market when prices have moved a lot.
Ethereum Price Prediction After Breaking $4,000
Ethereum has been the best performer in recent trade, rising almost 24% over the week to go above $4,300 for the first time since December 2021. The surge has been fueled by a number of bullish technical settings, such as a breakout from a Wyckoff Accumulation pattern that has been in place for years. Analyst Lord Hawkins says this might lead to a target of $6,000. According to Wyckoff theory, the breakthrough over the $4,200 resistance zone is a “Sign of Strength.” This usually means that prices will rise faster as demand outstrips supply.
More and more technical analysts are feeling good about Ethereum’s medium- to long-term future, and some have set very high price estimates. A breakthrough from a symmetrical triangle means that the price might rise toward $8,000, which is more than 90% higher than where it is now. More positively, analyst Nilesh Verma points to past fractal patterns that might push ETH up to $20,000 in the next 6–8 months, based on settings from 2017 and 2020 that came before parabolic rallies of more than 950%. The combination of technical breakouts and more institutions using Ethereum has made people more confident that it can break its all-time high of $4,950 and maybe even set new records in the next few months.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save