While Bitcoin for now seems to be fixed in the $7,500 area, the crypto community is taking their best guesses: which way it will head further – up or down.
Upbit hack: Bitcoin and Ether
Both Bitcoin and Ethereum have been mentioned a lot recently in the news about the South Korean Upbit exchange. Earlier this week, it was hacked and around $50 mln in Ethereum was stolen – 342,000 ETH.
The event first made the Bitcoin price drop to the $6,800 zone but later on, it rushed upwards, recovering to $7,300 and adding around $500.
Many analysts are saying that Bitcoin is in an uptrend now but it needs time to surge to over the ATM of 2017. The forecast below, however, talks about a chance for not only $120,000 per Bitcoin in the future but also says the Ethereum price may spike well beyond its ATM of 2017.
Forecast: $120,000 for Bitcoin, $5,000-$10,000 for Ethereum
On Thursday, U.Today wrote about the forecast of the @IamCryptoWolf trader, who said – Bitcoin may hit $120,000 in its second cycle in 2022. Now the crypto trader and analyst compares the first cycle of Bitcoin with the first cycle of Ethereum and points out to a large similarity between them.
This makes him assume that should Bitcoin hit $120,000 in 2022, Ethereum price is likely to grow to $5,500.
If Bitcoin will peak around 120k $ at the end of its bull cycle, i'm expecting ETH around 5k's.— CryptoWolf (@IamCryptoWolf) November 28, 2019
In the comment thread, though, he adds that $5,000 is a pessimistic forecast and doubles it.
Ethereum cycle I looks like Bitcoin cycle I.— CryptoWolf (@IamCryptoWolf) November 28, 2019
5k is pessimistic, more probably 10k. pic.twitter.com/k4c6zW6NcW
Will Bitcoin drop to $6,200?
Another crypto analyst, @nebraskangooner, believes that right now, due to the fractal on the chart, the Bitcoin price is likely to either keep rising and hit $7,900 or drop to $6,200.
#bitcoin— NebraskanGooner📈 (@nebraskangooner) November 29, 2019
If you've been following me for a while you'll remember this fractal we've been monitoring the last couple months
Looks like PA is still following along
May be a chance to push to 7900. But needs to break above there to break free of this path
Otherwise 6200 possible pic.twitter.com/1REW1MERBj