Ethereum

2024

Bitcoin

DeFi

The post <a href="https://coinpedia.org/price-analysis/bitcoin-and-ethereum-price-prediction-record-breaking-highs-set-for-2024/">Bitcoin and Ethereum Price Prediction: Record-Breaking Highs Set For 2024</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With a bullish start to the first week of the “Pre-halving rally,” the top few cryptocurrencies are recovering the lost levels of the past. As Bitcoin returns above the $52,000 mark, the sentiments are extremely bullish in the market, and investors anticipate a faster and stronger rally ahead.&nbsp; 
Further, with just 62 days left before Bitcoin Halving, 2024 is potentially a year of new all-time highs for Bitcoin. Amidst such improvement in the Bitcoin price and sentiment, the altcoins are not far behind.&nbsp; 
Ethereum, the biggest altcoin and the second biggest crypto as per market cap, reaches $2,800. The altcoin saw this price range in May 2022, almost two years back.&nbsp; 
<h2 class="wp-block-heading" id="h-where-is-bitcoin-headed">Where is Bitcoin Headed?</h2> 
With a new 52-week high, the high momentum rally in the BTC price trend shows no sign of a pullback. Driving the bull run with multiple bullish engulfing candles, the daily chart showcases the extreme dominance of the buying side.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="464" src="https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105-1024x464.png" alt="" class="wp-image-269907" srcset="https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105-1024x464.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105-768x348.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105-1536x696.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095931/image-105.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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 Souce: <a href="https://www.tradingview.com/x/ixkuSUyx/">TradingView</a>
 </figcaption>
</figure> 
Upon analyzing the weekly chart, the uptrend accounts for 22% in the last two candles, with 3 days left. Further, the inverted head and shoulder breakout pushes past the 61.80% Fib neckline.&nbsp; 
The MACD indicator shows a rise in the average lines as it avoids a bearish crossover. Further, the resurfacing bullish histograms represent an increase in momentum. 
As the breakout rally gains momentum, the answer to “Where is Bitcoin headed?” is pretty simple: TO THE MOON. However, as per the technical charts, the next resistance is at $55,000, and the previous closing peak at $65,000. Beyond these two levels, the Fibonacci retracement showcases a potential jump to the $96,000 mark. 
<h2 class="wp-block-heading" id="h-is-ethereum-ready-for-a-new-all-time-high">Is Ethereum Ready For A New All-time High?</h2> 
Amidst the improving market conditions, the biggest altcoin is finding a remarkable demand boost to fuel the ETH price rally. With the DeFi TVL reaching the $77B mark, Ethereum dominates almost 60% with $42.995B TVL. 
Further, with the buzz of Ethereum ETF going around in the market and the drop in supply of ETH, the coast is clear for a bull run. On the other hand, the additional momentum in the market, floating with the BTC price reaching $52,000, fuels the ETH price run. And let’s not forget about the hype around the “Dencun” upgrade amongst the Ethereum community.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="464" src="https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106-1024x464.png" alt="" class="wp-image-269908" srcset="https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106-1024x464.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106-768x348.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106-1536x696.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/02/15095940/image-106.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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 Source: <a href="https://www.tradingview.com/x/QlEVPugK/">TradingView</a>
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</figure> 
Like Bitcoin, the ETH price has jumped by 23% in the last ten days, leading to two bullish engulfing weekly candles. Challenging the upper band of the Bollinger bands, Ethereum price trades at $2,797.&nbsp; 
The uptrend challenges the 50% Fibonacci level at $2,853 and preps for a new breakout run. If the buyers reclaim this resistance, the bull run can cross $3,000 to test $3,200 before the month ends.&nbsp;

Bitcoin and Ethereum Price Prediction: Record-Breaking Highs Set For 2024

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