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With the broader cryptocurrency market cap now barreling toward $3 trillion, the bulls are clearly in control.
The cryptocurrency markets have returned to record highs. Bitcoin has surpassed $66,000, while Ethereum has surpassed $4,700. Not surprisingly, price forecasting is back. And, with the overall cryptocurrency market cap approaching $3 trillion, the bulls are clearly in command.
Hindsight Is 20/20
Adrian Zduczyk, also known as Crypto Birb on Twitter, is a popular technical analyst who has never given up on the bull market. Crypto Birb, who also runs the institutional trade group The Birb Nest, recently reminded his followers that he correctly predicted bitcoin would reach a new all-time high months before it ever did in October.
Fear had gripped the market in the summer, and investors were selling BTC at the $30,000 level in anticipation of the bottom falling out. Crypto Birb's bullish prediction was correct back then, and he is now targeting bitcoin $80,000, claiming that this price level is "imminent."
He uses chart pattern analysis and cites the upper and lower Bollinger Bands in a market update, concluding that the technical analysis is bullish, though any FUD in the news cycle could pressure prices lower.
Ethereum $20,000
Ethereum is already trading at a record high, having surpassed the $4,700 mark on Sunday. Crypto Birb believes Ethereum has more room for growth and recently set a $20,000 price target on the second-largest cryptocurrency. He expects this forecast to come true in the coming months. If he is correct, Ethereum's value will increase by 325 percent by early 2022. As the NFT and DeFi markets have exploded, Ethereum has already risen 525 percent year to date. Ethereum is in the process of transitioning to Eth 2.0, which is intended to improve network scalability and lead to lower fees, all of which are catalysts for further potential gains. Emerging blockchains such as Solana, whose price recently reached a new record high, have been putting pressure on Ethereum.
Meanwhile, Gemini co-founder Tyler Winklevoss declared, "Eth is money," as he celebrated Ethereum's new all-time high.