Bitcoin and Ethereum are skyrocketing in the charts hitting new all-time highs almost every two days in July. Both the digital assets are attracting heavy bullish sentiments as the broader cryptocurrency market cap reaches $4 trillion. Steve Gregory, the founder of the cryptocurrency exchange VTrader revealed exclusively to Watcher Guru on how high BTC and ETH could surge in a few weeks.
The price prediction is bullish and traders who take an entry position in Bitcoin and Ethereum could still make profits. BTC and ETH are receiving heavy backing from institutional funds through ETF’s and ETPs. In addition, retail investors have also joined in on the bandwagon accumulating the digital assets during the bull run. Institutional funds and retail investors are making the most out of the ongoing rally.
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Bitcoin Price Target $139,000 and Ethereum $4,000
Gregory stressed that the ETF inflows into Bitcoin and Ethereum now exceeds the overall token-supply pointing towards another bull run. This makes BTC and ETH bullish as the influx of funds from institutional clients is flowing into the broader cryptocurrency market.
The new price target for Bitcoin now stands at $139,000 and for Ethereum at $4,000. BTC is hovering around the $120,000 level on Friday and could surge by 16% in the coming weeks. Also, Ethereum hit $3,600 and a surge of 12% is projected. An investment of $10,000 in these could turn into $11,600 and $11,200, respectively.
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“The rally above $120k bitcoin was led by strong institutional flows in both ETFs and spot coupled with a rise in levered long positions. Open interest remains above $43B, with still strong bids for late fall calls. One key metric to follow is crypto ETF inflows now exceeds all token supply–indicating that mass adoption is accelerating. Internally, we believe that $139k is the next likely resistance for bitcoin and Ethereum will see $4,000 in a matter of weeks,” said Steve Gregory, Founder of VTrader exclusively to Watcher Guru.