Bitcoin started the new week with a massive surge in price that took it well above the $22,000 level against the USD. The bullish pattern of the world’s foremost cryptocurrency is a breath of fresh air that may mark the end of the downtrend that took Bitcoin below the $20,000 level about two weeks ago.
Will Bitcoin (BTC) Continue to Rise Against the USD Throughout the Week?
Over the last 24 hours, Bitcoin (BTC)’s price has risen by over 3% in a market-wide rally. At the time of writing, the price of Bitcoin was $22,322.88, indicating a 3.50% rise against the USD. The token has maintained upward traction after finding support at the $21,493.03 level.
In the early hours of Monday morning, Bitcoin’s price rose as high as $22,367.29. However, it subsequently corrected lower for a few minutes before resuming the upward momentum. If Bitcoin continues to rise at this rate, it may retake the $23,000 level for the first time in over two weeks.
The reason behind today’s Bitcoin price rally is unknown but some cryptocurrency price analysts claim that the upcoming Ethereum 2.0 upgrade is responsible for the upward volatility in prices. Ironically, the price of Ethereum is correcting lower against the USD and Bitcoin BTC.
Ethereum (ETH) Price Predictions
At the time of writing, the price of Ethereum (ETH) was $1,746.73. It was trading 1.28% lower against the USD within a $1,721.63 and $1,782.73 range. While the ETH price is in the red, it is important to note that the token had an incredible bull run over the last few weeks.
The token reached new weekly highs back to back and maintained a relatively bullish price pattern even when the rest of the market prices fell. Even after the upgrade, the price of Ethereum is predicted to keep rising against the USD. Some analysts predict a 400% rise in the price of Ethereum after the upgrade.