Bitcoin and Ethereum hit new all-time highs again after the price crosses $68,000 and $4,800, respectively. This price action is very bullish, and both the coins have broken out from their patterns and are ready to move up. Bulls are strong, and there is no downside whatsoever. The latest price movement has also revived Plan B’s price target of $98k by the end of November. Though I think it is still challenging, we are closer than before.
Bitcoin short and long-term targets
The price of Bitcoin seems to be moving towards $70k, and the next target will be JP Morgan’s $73k prediction. They said that for the short-term, Bitcoin could be trading around $73k, and in the long term, their target is $146k. But Plan B, a well-known analyst on Twitter, predicts $98k by November end and $135k by the end of December. His October close target was almost right as well, so I do take these predictions seriously.
Looking at the current market, we should note that the ETFs are doing well too. The ProShares BTC Strategy ETF has been up 8% since Monday. The negative premium on QBTC.U has also decreased in the past some time. Another big thing that’s coming to Bitcoin is the taproot upgrade. It will bring enhanced privacy and efficiency protocols and might even unlock the potential of smart contracts on the blockchain.
Ethreum is also doing well as the price has made a new ATH over $4,800. It seems like the upgrade that burns Ethereum in every transaction has paid off. The coin is in a price discovery mode and is increasing in price almost daily as the market becomes more bullish. For Ethereum, I would say the next big event would be the 2.0 version.
The shift from the proof of work to the proof of stake network will be massive. And it will solve a lot of energy and efficiency-related problems that are often considered a big problem for crypto. It will also make the coin more scalable and secure, and the gas fees will probably decrease.
What are your thoughts on Bitcoin and Ethereum as they hit new all-time highs? And do you think this is going to continue from now on when we see a new high every other week? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.