Price Predictions: BTC Hovers Around $114K and ETH Heading Towards Record Levels

Key takeaways

• Bitcoin is hovering around $114, riding on rising interest in digital assets in countries such as Nepal and Indonesia.
• The price of BTC has increased 1.34% in the last 24 hours, and the overall bullish sentiment around BTC is backed by technical indicators as well.
• Ethereum is trading at $ 4,550.14, and the price has increased 2.89% in the last 24 hours.
• The upward trend is expected to continue for both BTC and ETH.

BTC Near $114K as Protests Fuel Renewed Interest in Digital Assets

Bitcoin is hovering around $114, riding on rising interest in cryptocurrency in countries such as Nepal and Indonesia. The renewed interest in BTC is attributed to government crackdown due to rising protests in these countries. Amidst the protests, the ex-Twitter founder CEO Jack Dorsey’s decentralized messaging app, Bitchat, has seen massive adoption. Protesters see Bitchat, a decentralized platform, as an alternative to other social media platforms, as governments either curbing the usage or banning social media in general. Experts read it as a favorable condition for BTC, as such decentralized digital assets are being viewed as symbols of freedom.

The Market Sentiment Around BTC Remains Bullish, Signaling Further Upward Momentum

Currently, BTC is trading at $ 115,526, and the price has increased 1.34% in the last 24 hours. The 24-hour trade volume stands at $ 74.91B. While trading above the 200-day simple moving average, the Fear & Greed Index stands at 57 (Greed). 14-day Relative Strength (RSI) is at 58.34 with a volatility of 2.88%.

Overall bullish sentiment around BTC is backed by both technical indicators and institutional investments. In fact, BTC price has increased by 98% and outperformed 93% of the top 100 crypto assets in 1 year. According to crypto experts, BTC is expected to continue the bullish trend in the following week and could reach around the range of $ 119,885-$ 124,792 in the middle of this month. As the investors are continuously showing interest in BTC, the price rise is expected to continue into the next month as well, th traders also exploring the best Bitcoin wallets to secure holdings.

ETH Demand Lifts and Heads Towards Record Levels

The fundamentals regarding ETH remain solid, with more institutional funds flowing into ETH. Crypto analysts have been following the upward trajectory of ETH as it is predicted to head towards a possible breakout. The institutional holding of ETH has been rising in the past week, with companies such as BitMine Immersion Technologies and Sharplink Gaming increasing their ETH holding. 

Currently, Ethereum is trading at $ 4,550.14, and the price has increased 2.89% in the last 24 hours. The 24-hour trading volume stands at $ 68.76. The present market capitalization of ETH is $ 549.22B. The crypto coin is trading above the 200-day simple moving average of $ 2,806.76. The Fear & Greed Index value is 57 (Greed), and the market sentiment remains 

Bullish. The 14-day Relative Strength (RSI) is at 56.09 with a volatility of 3.30%. The technical indicators are further reinforcing the increasing relevance of ETH in the crypto landscape. Moreover, experts predict that the price of ETH will continue to go up in the upcoming month and the price range will remain at a range $4,505.49 and $ 8,547.36 in this year. More than 88.03% of the ROI is expected in the last quarter.

The Cryptocommunity Remains Cautious Amidst Rising Prices and Optimism

Despite the continued momentum, crypto traders are taking a cautious approach due to the overall volatile nature of the market. Source: SEC – Investor Alerts on Crypto

The BTC with medium volatility and 57% of market dominance is still a sought-after option. In the case of ETH, it only had 14 green days in the last 30 days, which makes investors cautious. And the ETH still outperformed by BTC. In spite of such red flags, the institutional investments are still favouring the ETH. The global geopolitical events are creating a fertile ground for digital assets. The latest developments in this direction are the touted state-backed cryptocurrency bank from the Russian Government. The expected move shows increased acceptance of cryptocurrencies and digital assets around the globe, pushing investors toward trusted cryptocurrency exchanges.

Bottom Line

Both ETC and BTH are showing bullish trends backed by long-term prospects and technical indicators. The geopolitical events across different regions are further pushing the faster adoption of cryptocurrencies. The digital assets are becoming a symbol of freedom in countries with unrest, and are increasingly gaining acceptance in others. The regulatory regime and institutional investments both remain positive towards the digital economy. Despite the trends, crypto experts advise caution while investing due to the volatile nature of the market.