Bitcoin (BTC) and Ether (ETH) looking for new bullish targets

After a turbulent week, Bitcoin (BTC) and Ether (ETH) are rebounding and prompting new bullish targets. Is a new price explosion expected or is the correction imminent?

Bitcoin (BTC) reaches its daily target

In our previous analyseswe found that the price of bitcoin (BTC) was within a range between $15,500 and $25,000 (ie lateralization of the price without clear direction). After bouncing off the bottom of the Ichimoku cloud last week, it looked like the price would start to rise again to finally break this resistance that had not been crossed since August.

Figure 1 – Bitcoin daily price chart

After the breakout of this yellow triangle in January 2023 and the return of the price above the Kijun (purple curve), we were able to set a new target at $26,734 for Bitcoin and it is done since the price has reached this level. Now, the question is whether BTC will succeed in moving higher, or if a corrective drop is expected at this profit level.

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Will Bitcoin hit $30,000?

Since we have therefore achieved our objective, we must now look at what the lower time unit gives, which is 4 hours (h4). So, we note that the price has broken through the important resistance of $25,000 which corresponds to the upper part of a descending extension pattern at a right angle. By taking the height of this chart pattern and bringing it back to its breakout, we find our new bullish target which also triggered and confirmed the breakout of the Chikou Span.

Figure 2 – Bitcoin price chart (h4)

So the probabilities give a good chance for this rise to continue towards around $31,620. On the way, however, there will be significant resistance to watch at $28,600 (the former support area turned resistance on the daily chart).

For all analyses, probabilities are not certainties, so it is important to plan for an invalidity scenario. In this context, a price return below $22,800 would be quite negative for the future as the cloud and the Kijun will act as resistance again and that there would therefore be a risk that this would lead BTC towards its next support at $20,000.

Ether (ETH) still on its way to $2,000?

The price of the Ethereum cryptocurrency, Ether (ETH), continues to rise and is no longer far from $2,000. Its daily range is between $1,000 and $2,000 and a priori the price should retest its high range soon. The $2,000 target therefore seems quite likely, knowing that Bitcoin has triggered a bullish target and that Ether is trying to break a bullish pattern on the h4 time unit. See if he manages to break it.

Figure 3 – Ether price chart (h4)

As with BTC, the price of ETH is testing a new pattern breakout from above which could lead to a price rally in the coming days towards the target at $2,246 (the height of the extension going down at right angles to the exit). Of course, we will have to wait for the breakout at the end of this figure to get a relevant signal.

Then, this objective will remain valid until the price goes back below the cloud at $1,560.in which case there will be a risk of testing the next support at $1,500.

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The conclusion of this technical analysis

So will Bitcoin and Ether manage to continue this explosive rise that started from the beginning of the year? The charts are still dependent but the sustainability of the new targets will depend above all on the next economic news.

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Chart source: TradingView

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I am passionate about cryptocurrencies since 2017 and I am an avid knowledge sharing advocate, Youtuber, crypto analyst and regular trader. Every week, my role is to inform you about technical analysis by giving you my perspective on the evolution of the price of Bitcoin and ether, using my favorite indicators such as the Ichimoku as well as chart patterns.