Crypto weekly wrap: Experts see Bitcoin at 19,600, Ethereum at 1,300 soon

business-standard.com:

With the re-entry of bulls in the cryptocurrency markets on Thursday, the price of the largest cryptocurrency in the world by market cap, Bitcoin, may soon touch $19,600.

"After a two-day losing streak, the price of Bitcoin rebounded at a key point of support on Thursday. It has hit a peak of $19,280 as the bulls rejected a breakout below the vital support at $18,900. As bulls have become active in the market, we might see Bitcoin touching $19,600 in the coming days," Edul Patel, CEO and co-founder of crypto investment platform Mudrex, said.

Ethereum, the second largest digital currency, may rise to $1,300.

"The second largest cryptocurrency, Ethereum, was also trading sideways this week. It was seen trading close to its local resistance level at $1,295 on Thursday. If bulls can hold the gained initiative today, ETH might likely rise to the $1,300 level," Patel added.

Bitcoin rose to $19,200 on Thursday after falling below $19,000 briefly, according to data from coinmarketcap. On Friday, it was trading at $19,011. Ethereum was trading at $1,283. Both tokens were down over 3 per cent in the last seven days.

Inflation worries and recession fears have kept investors on their toes. The m-cap of the cryptocurrency fell from $935 billion on October 14 to $911 billion on October 21. After the release of the UK's inflation data showing inflation for September at 10.1 per cent, the markets plunged deep. On Thursday alone, the m-cap fell from $926 billion to $915 billion, according to coinmarketcap.

"Risk on assets, including US stock indexes and Crypto markets remained volatile but have been trading in a range and ended the week almost flat. The overall crypto market capitalisation stayed below the $1 trillion mark, with BTC