Cryptocurrencies Price Prediction: Bitcoin, Ethereum & VeChain — Asian Wrap 19 October
|Bitcoin price to provide a buying opportunity before rallying to $20,500
Bitcoin price is moving slowly as volatility seems to have disappeared after the Consumer Price Index (CPI) print on October 13. Since then, BTC has been attempting to rally higher but is blocked by a resistance level.
Going forward, investors can expect a minor pullback before buyers band together and attempt another rally.
Bitcoin price rallied roughly 11% on October 13 but produced a daily candlestick close below the 30-day Exponential Moving Average (EMA) at $19,608. This volatile move was followed by a 3% pullback which failed to retest $18,934, the midpoint of the previous day’s range.
Ethereum remains rangebound as institutional investors continue to dump ETH from their portfolio
Ethereum was expected to be every wallet's favorite cryptocurrency this year, thanks to the hype surrounding the Merge. However, since the event failed to deliver, ETH has been under attack, particularly from institutional investors. This cohort is seemingly keeping as much away as they can from ETH.
According to the most recent weekly report from CoinShares, this week, like the ones that came before, was an absolute disappointment. Registering only $12 million worth of inflows as of October 14, institutional investors have been pulling their hand from investing.
Why VeChain’s VET price might have unfinished business near $0.04
Vechain’s VET price could set up a 15% rally in the coming days. Key levels have been defined.
Vechain price currently auctions at $0.023. As most cryptocurrencies have declined by more than a few percent during the current downslide, VET price remains unhinged. The VTHO-powered blockchain token witnessed an Elliott five-wave impulse on Thursday, October 13, raising the market value by 10% in one day. Since the rally, the bears have not been able to forge a retaliation of equal volume or candlestick price action.
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