- Bitcoin and Ethereum were consolidating, but suddenly there is growing optimism in the market.
- Institutional interest in cryptocurrencies is increasing, which could lead to a bull run in the future.
- Investors are starting to move their capital from stablecoins to Bitcoin and Ethereum.
- Elon Musk’s support for crypto could also help to drive prices higher.
- Bitcoin and Ethereum are both bullish on the charts, but they are struggling to break through key resistance levels.
Bitcoin is well above the $31,000 zone, while Ethereum teases investors with a touch and go at the $2000 mark.
As the market’s optimism remains strong, and bearish panic isn’t as prevalent as it was, this time last year.
Why is this?
Apart from the recent bullish momentum provided by the Ripple win against SEC for all cryptos, another reason may be the the next Bitcoin halving, which is almost upon us.
But, what are the chances of a massive and organic price increase on BTC and Ethereum?
There are very good chances indeed.
Institutional interest in cryptocurrencies appears to be growing as the days roll by, and it has never been clearer that the next bull run is going to be a highly bullish one.
That much is clear from BlackRock and several other institutions, filing for ETFs in June.
As it turns out, Bitcoin and Ethereum may be enjoying mainstream acceptance among institutional investors very soon.
Massive Win For Bitcoin, Ethereum As Investor Sentiment Shift
According to a recent tweet from trader and BTC maximalist, Ali Martinez on Twitter investors are starting to liquidate their stablecoin holdings, and are starting to rake in BTC and Ethereum.
According to the chart shared by Martinez in the tweet, the positive 30-day capital inflows (green-shaded area) on BTC and Ethereum are starting to become more prevalent.
This, according to the analyst, indicates that investors are starting to become bolder and hungrier for risk as they move their capital from stablecoins to BTC and Ethereum.
How Can This Be Beneficial?
The rising popularity of Bitcoin and Ethereum is expected to have a solid influence on their prices. As more investors enter the market, demand for them will grow, and so will price
This tendency is already seen in the market realized value net position shift, which has been increasing steadily for a while.
This metric calculates the difference in market value between Bitcoin and Ethereum and the amount of money invested in both cryptocurrencies.
And the positive value on this metric shows that investors are buying more BTC and Ethereum than they are selling. This indicates a bullish trend.
Elon Musk Supports Bullish Crypto Forecast For 2030
Elon Musk, the CEO of Tesla and Twitter, recently agreed to a prediction that all traditional currencies would soon be converted into crypto by the end of the decade (2023).
Daniel (@growing_daniel), a Twitter user, predicted in a tweet that computer processors or graphics processing units (GPUs) will soon be used to turn traditional money into crypto.
Musk agreed with Daniel’s prediction, saying that we should “probably stop calling them GPUs”.
Musk, who has been known to have an influence on the crypto market, may be one of the factors that cause a crypto uptick because of this remark.
If Musk and Daniel’s predictions come true, the prices of BTC and Ethereum, the two largest cryptocurrencies by market capitalization, might skyrocket as a result.
Bitcoin’s Price So Far
According to CoinMarketCap, Bitcoin is bullish over the daily and weekly perspectives.
CoinMarketcap calculates that the cryptocurrency is changing hands at $31,721 at the time of writing, with a 4.2% price increase over the last 24 hours and a 4.7% rise over the last 7 days.
On the charts, we can see that BTC is bullish and is even on top of an ascending trendline.
However, the cryptocurrency is still below the $32,500 zone and could see some more resistance before an uptick.
As it turns out, Bitcoin may need a strong impulse move that will take its price straight above the $32,500 zone and allow it to close with a daily candle above it.
If Bitcoin closes above this zone as expected, the price target would be $35,000, before any kind of pullback.
However, its RSI is slightly above the neutral zone, affecting Bitcoin’s chances of rallying massively.
The likely course of action would be for Bitcoin to consolidate for a while longer, as its bulls look for the right spot to move against the bears.
Overall, Bitcoin is only a hair’s length away from massive bullishness in the charts.
Ethereum’s Price So Far
Like Bitcoin, Ethereum’s price action over the daily and weekly perspectives is pretty decent.
CoinMarketCap data shows that the cryptocurrency is trading slightly below $2000, with a 6% price increase over the last day, and a slight 5% increase over the last week.
Like Bitcoin on the charts again, Ethereum is bullish. It is trading on top of an ascending trendline, and all seems fine with it.
However, like Bitcoin, Ethereum is also struggling under an important price level.
The cryptocurrency has been trying to break above the $2,000 zone, ever since falling below it in mid-May of 2022, after the LUNA ecosystem crash a year ago.
There are several indications that if Ethereum breaks above this resistance again, it may rally massively to the upside.
According to the Fibonacci retracement tool, the price target for Ethereum if it breaks the $2,000 resistance sits at $2,300 or higher.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.