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Bitcoin and Ethereum Price Prediction – BTC Breakout Triangle Pattern, Preparing for Lift Off?

Arslan Butt
Last updated: | 2 min read

On October 24, the Bitcoin price showed a bearish correction after getting rejected at the $19,700 resistance mark. In contrast, Ethereum is rising, gaining over 2% to $1,347 during the early Asian session.

Major cryptocurrencies were trading bullish early on October 24, with a global crypto market cap of $931 billion on the previous day with a trading volume of $479 billion.  Let’s take a look at the top winners and losers so far today.

Top Altcoin Gainers and Losers

The top performers in the Asian session were Klaytn (KLAY), Polygon (MATIC), and TerraClassicUSD (USTC). Klaytn (KLAY) is up more than 25% to $0.18, while MATIC is up more than 6% to $0.88. At the same time, USTC has surged more than 6% in the last 24 hours.

Top Altcoin Gainers and Losers – Source: Coin360 

In the last 24 hours, the price of The Chain (XCN) has dropped by more than 3% to $0.05. The price of Axie Infinity (AXS) has dropped more than 2% to around $8.6.

Bitcoin Price 

The current Bitcoin price is $19,339, and the 24-hour trading volume is $25 billion. Bitcoin has gained by more than 0.50% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $370 billion. 

Bitcoin Price & Tokenomics – Source: coinmarketcap

On Monday, the BTC/USD violated the symmetrical triangle pattern at $19,250, and now the same level is likely to act as major support. Closing of candles above this level has the potential to drive an uptrend until the $19,650 level, and a bullish crossover above this could lead BTC toward $19,950. 

Bitcoin Price Chart – Source: Tradingview

Typically, the symmetrical triangle’s bullish breakout results in an uptrend continuation; therefore, bulls may dominate the market. The MACD and RSI are also holding in a buying zone, signaling a bullish trend. Let’s consider staying bullish over $19,200 support today. 

On the lower side, a break below the $19,200 level can open up further room for selling until $18,950 or $18.650. 

Ethereum Price 

The current price of Ethereum is $1,344, with a 24-hour trading volume of $11 billion. In the last 24 hours, Ethereum has pumped over 2%. Whereas, CoinMarketCap now ranks ETH at #2, with a live market cap of $164 billion.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the technical front, the ETH/USD pair has broken through an ascending triangle pattern on the higher side. After getting rejected at $1,365, Ethereum is again in a downtrend and is likely to gain immediate support near $1,340, the double-bottom area.

The 50-day moving average is now likely to provide additional support near the psychological trading level of $1,300.

Ethereum Price Chart – Source: Tradingview

On the upside, the major resistance levels for Ethereum remain at $1,360 and $1,384. The bullish bias remains strong at over $1,340 today. 

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Cryptocurrency Price Tracker – Source: Cryptonews