Bitcoin Price and Ethereum Prediction – Can BTC Target $20,000 Next?

On October 18, Bitcoin price continued to trade bullish, breaking above the major resistance level of $19,440 level. Ethereum, on the other hand, has gained more than 2% to $1,334 during the early Asian session. 

Major cryptocurrencies are trading in the green today as the global crypto market cap grew over 1.7% on the previous day to $934 billion. Over the last 24 hours, the crypto market volume was around $50 billion, a 31% gain. 

DeFi had a total volume of $3.3 billion, while the total volume of stablecoins was $47 billion.

Top Altcoin Gainers and Losers

The top performers in the Asian session were Huobi Token (HT), Zilliqa (ZIL), and  Maker (MKR). The Huobi (HT) is on the rise, gaining over 15% to $7.7, while ZIL’s price has risen by over 11% to $0.033. Moreover, MKR’s price rose over 9% to $1,084.

The Ethereum Name Service (ENS) price is exhibiting a downtrend, losing nearly 4% in the last 24 hours to $18. Casper’s price has dropped more than 4.5% to trade near $0.046. 

Here are some of the events that stood out in the crypto news section:

Cryptos Need Earnings Season

A flurry of corporate earnings releases could influence market sentiment, so investors bought riskier assets like Bitcoin and other cryptocurrencies on Monday. Since early September, the price of the largest cryptocurrency has generally ranged between $19,000 and $20,000. 

Although Bitcoin has fallen dramatically from its all-time high near $69,000 in November 2021, the lack of volatility in recent months has been a welcome respite from an otherwise tumultuous year.

Assuming there are no large-scale events occurring within the cryptocurrency industry, the next big rise in digital assets will likely be triggered by this week’s wave of corporate earnings and the effect it has on equities.

For Over an Hour, Bitcoin Has Failed to Generate Even One Block

Several on-chain block explorers show that Foundry USA and Luxor mined blocks 85 minutes apart. According to Mempool, almost 13K transactions were awaiting processing before the most recent block was mined. 

Last week, Bitcoin’s difficulty was tweaked to ensure that block confirmations occur every 10 minutes. Bitcoin mining is becoming more expensive as the mining difficulty rises to 35.6 trillion, putting further strain on an industry already grappling with rising energy prices and a crypto bear market. 

If mining difficulty increases are ignored, Lightning Network creator Tadge Dryja predicted that an 85-minute delay between blocks would occur every 34 days.

Bitcoin Price 

The leading cryptocurrency, Bitcoin, is consolidating near the $19,500 level, with a trading volume of $27 billion in 24 hours. Bitcoin has increased by 2% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $375 billion. 

Bitcoin found early support near $19,440 and has since rebounded to trade near $19,600. The BTC/USD pair has also surpassed the 50-day moving average, signaling a bullish trend. 

A break below $19,440 might send BTC to the previous triple bottom support near $19,200, while another breach could send BTC to $18,900.

On the upside, resistance is still located near $19,650. If the price exceeds $19,650, investors will likely consider buying until $19,950. 

Ethereum Price 

The current price of Ethereum is $1,333, with a 24-hour trading volume of $9.5 billion. In the last 24 hours, Ethereum has surged over 2%. CoinMarketCap now ranks #2, with a live market cap of $163 billion.

The ETH/USD pair is currently trading at a critical resistance level of $1,340, which is backed up by a triple-top pattern. The 50-day moving average supports a bullish trend while extending support near the $1,295 level. 

Above this, ETH is likely to show a bullish trend, but the downward trendline near $1,340 will act as a barrier.

A break of the $1,300 support level could expose ETH to the $1,293 or $1,270 support levels. Because the RSI and MACD indicate a buying trend, investors are likely to trade bullish upon a breakout of $1,340.

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