Weekly crypto market analysis with Geco.one 23.08.2021
The price of Bitcoin increased from the lows of 20 July this year by over 21 thousand dollars, that's over 72 per cent. Such a significant appreciation meant that the exchange rate of the oldest virtual currencies broke several important resistance zones and was above 50 thousand dollars, which is the highest level since mid-May this year.
If this trend continues, the BTC price could rise to $ 53,000 or even $ 59,500 in the near future. It is also possible that before the end of this year, bitcoin will set a new all-time record above $ 65,000.
Looking at the Ethereum quotations, we notice that after increases by over $ 1,600, i.e. almost 94%, which we observed between 20 July and 13 August this year, the price of this cryptocurrency is moving in a horizontal trend between the recently defeated resistance (now support) of $ 2,900 and the resistance was in the region of $ 3,325.
Given that these types of patterns tend to serve as corrections, after the winding market returns to an earlier trend, statistically, there is a greater likelihood of the ETH breaking out of the current consolidation upwards. If that happens, its price could go up to $ 3,600, or even to around $ 4,200. It is also possible that Ethereum will set a new all-time record above this resistance before the end of this year.
The current situation on Litecoin quotes is similar to the ETH, the rate of which has also remained in recent days between technical support of $ 163 and resistance in the region of $ 185. However, due to the recent increases, the market broke out of this formation, thus extending the range of the appreciation lasting from 20 July to almost 85%!
If this trend continues, the price of LTC could rise to the region of $ 215, $ 280, or even $ 330 in the near future.
We could expect a continuation of increases in the near future also on the BNB quotations, the rate of which increases by almost 11% on Monday morning, thus extending the range of the session lasting from 20 July this year appreciation to over 95 per cent.
As a result of this increase, the technical resistance of $ 335 and $ 430 has already been overcome, and if this trend continues, the price of BNB could reach around $ 605 or even $ 675 in the near future.