The past day has seen the cryptocurrency markets make a strong recovery. Bitcoin is once again trading above $10,000 and it now looks as if Ethereum might jump up past $300. This is at least if one is to believe several well-known crypto market analysts.
An Ethereum rally past $300
Over the past few days, a Bitcoin golden cross has been shaping up. It would seem this has now driven the price of Bitcoin past $10,000. What’s more, the wider cryptocurrency market is seemingly following in Bitcoin’s wake and is also in the green.
Now, a well-known cryptocurrency trader is sharing his price prediction for Ethereum – and it is bullish. The analyst, known as Financial Survivalism, was previously successful in accurately predicting Bitcoin’s rise during early 2020.
He is now suggesting that Ethereum is heading towards a target of $305. This would mean a minor Ethereum rally is inbound, which is looking more likely by the minute.
Financial Survivalism accurately predicted Bitcoin’s recent rise
At the moment, Ethereum is trading at roughly $278. However, this is already after substantial intraday gains, as Ethereum is up more than 4%. If Ethereum truly is to rally past $300, this would represent further gains of at least 10%.
Moreover, Financial Survivalism has a proven track record. At the start of January of 2020, he was able to accurately identify a forming “Wyckoff Spring” pattern for Bitcoin. A Wyckoff Spring occurs when there is an imbalance in the supply of an asset. Put simply, this means that an asset revisits an earlier low, before “bouncing off” it.
According to Financial Survivalism, this Wyckoff Spring pattern would likely bring Bitcoin to $9,200 in mid-January. Furthermore, this is just was Bitcoin did – and the premier crypto even hit $9,200 on the day of his prediction.
Ethereum could hit $500 in 2020
However, Financial Survivalism is now instead eyeing Ethereum. Specifically, he claims that he has found “an inverse head and shoulders” bottoming pattern during Ethereum’s recent surge. In a recent tweet, Financial Survivalism showcases Ethereum’s strong trend following on a bottoming process.
One should also note that Financial Survivalism is not the only analyst guiding an incoming Ethereum rally. According to the crypto whale known on Twitter as “Angelo”, Ethereum will rally to a whopping $500 “as we approach 2021”.
Bitcoin’s golden cross is also something observers believe could propel the entire cryptocurrency market to new highs. With all the bullish predictions seen during the past weeks, it appears clear that investor sentiment is quite positive.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.