The cryptocurrency market is experiencing growth, with Bitcoin and Ethereum prices reaching new highs. Leading analysts predict further upward movement in the coming months.
Cryptocurrency Market Overview
As of Nov. 8, the price of Bitcoin reached a new all-time high of $77,000. Analysts believe that the current rally is supported by fundamentals. Galaxy analysts predict that cryptocurrency prices may trade significantly higher in the coming 12-18 months.
Bitcoin Price Analysis
Bitcoin is trading above the breakout level of $73,777, with bulls holding their positions. The breakout target from the large range of $54,000 to $73,777 is $93,554. However, bears will attempt to pull the price back into the range. If that happens, the price could drop to the 20-day EMA at $70,290.
Ethereum Price Analysis
Ethereum crossed the $2,850 resistance line on Nov. 7, indicating a potential trend change. Bears will attempt to pull the price back toward the triangle, but if the price stays above, it could reach the downtrend line where it will face further resistance.
Considering the positive forecasts and current growth, the cryptocurrency market remains in the spotlight. Traders should, however, exercise caution as the possibility of sudden fluctuations remains.
