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The new BTC mid-term target will be $60,000

Last week, bears provoked a major part of market participants, but after a short-term rollback, the BTC price went up again. Open interest for ETH has declined in the current range, and LTC continues to grow steadily, 8848 Invest’s analyst Mark Sorokin says.

The past week’s highlight was the BTC quit out the large accumulation that has been forming over the past few months. An impulsive breakout of the upper flat border has occurred, the market entered its borders and began to consolidate higher. The market is currently forming a new intermediate accumulation.

‘At the same time, at the weekend the sharp rollback has occurred, which can be considered as an attempt of draining buyers’ stop-losses. The market stopped at the support level. It was an attempt of gaining liquidity from the support range, and soon the market will continue to grow,’ the expert notes.

At the beginning of the week, there is a classic trend structure on the market — consolidation after the breakout of the upper flat border. Soon we should expect further growth above $50,000, and then to the levels of $60,000–70,000. The real prospects of this scenario will be known shortly.

‘At the same time, the possibility of a deeper correction scenario shouldn’t be excluded. The largest digital currency’s rate may fall to $30,000, the main trend source within the large accumulation, out of which this growth impulse began. BTC may approach this range and gain volumes out of it, but for now, it’s worth focusing on the current intermediate accumulation,’ Mark Sorokin notes.

Generally, no high-point scenarios for the market are expected. All damps which have been observed in the last few weeks are formed locally, provoke small and medium market participants to sell, which is used by large ones. Thus, the major tools gain new volumes, and their prices move up.


The situation for ETH hasn’t changed significantly. Last week, there was a provocation of buyers, after which the asset dropdown sharply in the area of these buyers’ stop-losses. Then the asset stopped falling and began to form a pullback to resistance.

‘Most likely there is no more open interest in the current range. Now the tool will gain volumes, possibly through provocations, or will freeze in the flat. The flat movement will be short-term, and further growth should be expected,’ the expert notes.

LTC also reached the resistance area and received the seller’s local reaction. Generally, this is a rollback reaction still. The next LTC mid-term target is the nearest reversal zone above $250.

‘Continued growth of LTC should be expected, as the tool hit another support after overcoming resistance. Now the coin will try to gain additional volumes out of it and continue to grow,’ the expert summarizes.

The XRP mid-term target is the previous high above $0.75.

16 February 2021
Altcoins are moving

While the market benchmark goes through the serious liquidity volumes loading and preparing for an impulse quit out, ETH has updated its all-time high, and Cardano is pushing XRP out of the altcoin ratings. At the same time, investors’ attention is focused on Dogecoin, which accesses the support of Elon Musk and other celebrities.

Last week, the situation in the digital asset market didn’t change dramatically again. Accumulations continue on all major trading tools, the largest is observed on BTC. The market benchmark goes through the serious liquidity volumes loading, it’s worth it to expect its quit out this accumulation soon.

‘The priority of quitting this accumulation out is upward, as the price has formed a smaller accumulation at the range bottom, from which the upward quit out has occurred and the positions are reconstructing currently. Roughly speaking, there has been a capital flow from sellers to buyers, and now I expect to update the maximum in the level of $42 000,’ the expert notes.

In his opinion, the BTC price will probably go up on impulse. To make an accurate forecast, it’s worth observing the current situation development and the market trend signals that will appear before quitting out the accumulation. It isn’t 100% possible to say the price will go up yet.


ETH has updated its all-time high, followed by rollback and correction. For the key altcoin, we should expect the new accumulation formation and continued growth. LTC appeared to be a little bit ‘slower’, there are no strong movements on it. The coin is around $150 and continues to accumulate volumes.

‘Last week the market’s attention was focused on the Dogecoin. This was facilitated by Elon Mask’s tweets and their heated discussion by industry players. This tool began sharp movements and updated highs at the level of $0.075–0.084 (at different platforms). These figures can’t be counted as definitive ones of course. Growth will probably continue and Dogecoin will go higher,’ Mark Sorokin said.

XRP also accumulates volumes, market participants’ interest is growing in it. We should expect its quit the flat soon.

‘I expect the moving up, the coin keeps the excellent potential, and will surely reach the previous maximum in the level of $0.8,’ the expert summarizes.

Finally, this weekend Cardano rose to $0.672, the maximum since mid-January 2018. In just a day, the altcoin’s capitalization increased by a quarter to $21.221 bn. This allowed ADA to bypass XRP and get 3rd place at the altcoin rating according to the Coinmarketcap service.

09 February 2021
A slight decline in BTC should be expected

BTC is steadily moving towards the level of $40 000. ETH, LTC, and other coins of Coinmarketcap’s top-10 rating are confidently gaining volumes, and the XRP medium-term target is the all-time high reached back in December 2017, 8848 Invest’s analyst Mark Sorokin says.

Firstly, it’s worth noting accumulations continue for almost all major market tools. This is especially evident for the market benchmark, BTC, which aimed to go lower last week, but this movement appeared to be short-lived. The tool made a downward movement to the lower flat border, formed new local support there, and went back.

‘This move turned out to be a local intermediate accumulation within a large flat trend. On Friday, after positive news from Elon Musk, the market rushed up but having reached the reversal zone, it began to decline gradually and almost completely absorbed the entire previous growth,’ the expert notes.

It was a provocation to which market participants reacted differently. There was a local fixation, in which result the BTC price returned to the level from which the growth has begun. A slight decline, breaking the buyer’s stops, with a further increase to the level of $40 000 should be expected for BTC.

‘To continue it grow the largest digital currency needs to hit the upper flat border. The decline should be considered as one of the probable market development scenarios, however, we will be able to estimate the medium-term dynamics only after BTC will quit out the accumulation completely,’ Mark Sorokin says.

This quit will be strong enough and have no without any major rollbacks. This trend will determine the market movement in the next few months.


A similar pattern is observed in the alternative coin market. ETH, LTC, and coins of Coinmarketcap’s top-10 rating are confidently gaining volumes. We are waiting for the quits out the accumulations. The priority of the direction is upward, however, we gotta assume some will decrease for local liquidity gain.

The market participants’ attention is riveted on XRP currently. There was a negative news background around it for a long time, everyone was betting on its decline resumption, but for large market participants, this became an excellent opportunity to buy the asset at a lower price.

‘That’s what exactly happened in the end, Ripple went down, gained additional liquidity, which is indicated primarily by the hourly coin chart. Then a powerful upward movement began, and XRP has reached $0,63 the last weekend. Support level with sellers was formed as we predicted in previous reviews. The tool will continue its upward movement shortly. Its short-term target will be the $0,8 mark, the previous maximum which wasn’t overcome,’ the expert notes.

The XRP medium-term target is the all-time high reached back in December 2017.

04 February 2021
BTC aimed to $42,000 level

BTC touched the lower flat trend boundary, bounced off it, and is now aiming at updating its historical maximum. At the same time, ETH has already ‘fulfilled’ the current upward scenario and is moving up to $1,600, 8848 Invest’s analyst Mark Sorokin says.

The situation in the digital asset market hasn’t changed fundamentally since last week. The only thing that can be noted is that the market doesn’t show a downward trend. The likelihood of a global volume distribution in the near future is low. As for BTC, the largest digital currency updated the lower flat trend boundary but didn’t go further, keeping within it.

‘Therefore, I expect further growth to flat trend boundary. This is the level of the previous high at $42,000,’ the expert notes.

If the BTC price will go down from the current intermediate flat, canceling the support, the market will begin to decline and enter a correction phase, which may last for several months. But the most likely scenario is a return to the upper flat trend boundary of $42,000.


ETH has already ‘fulfilled’ the current upward scenario. There was a decline before, but closer to the lower range border, the support was accumulated, after testing it the key altcoin’s historical maximum was updated on some trading platforms.

‘Since the maximum of ETH was fixed at around $ 1,595 on some exchanges such as Kraken, it’s worth considering the option of further ETH movement up to the level of $1,600 now. It can be assumed the asset price is moving there, and ETH will also grow on other trading platforms,’ Mark Sorokin notes.

An attempt of volume redistribution and accumulation formation for LTC is observed. To find the optimal strategy for this asset, you should wait for the quit out from this accumulation and the end of the flat trend.

‘Last week, there was also a noticeable increase of some low-capitalized assets, but it’s difficult to tell it will be the dominant trend. At the same time, there are no preconditions for a global market decline,’ the expert summaries.
26 January 2021
BTC is near the $50,000 level

The digital assets market started the New Year with active growth. The probable nearest target for BTC will be the level of $ 50,000, 8848 Invest’s analyst Mark Sorokin says.

Nothing special happened in the first week of the new year. The digital assets market is in the flat for almost all highly liquid top-10 tools. For BTC, ETH, and LTC, and for XRP which also actively accumulating volumes, the flat trend is observed now. The market is trying to redistribute the previous dropdown in the current accumulation. Thus, previous ranges testing should be expected soon. For BTC this is the level of $42,000, for ETH — entry above $1,300, for LTC — $181–182.

While there is no impulse, it’s worth watching the current flat trading. Market participants can expand the accumulation range and then the flat trend will drag on for several months. There is no threat to the current upward BTC dynamics. Now the flat trend continues, the quit out of which will indicate the medium-term dynamics, the direction of the future price movement.

‘If the price will go up, it will appear to be a wide flat trend, a large accumulation with rather wide boundaries. The impulse movement out from it may be strong, the probable midterm BTC target, in this case, will be the $50,000 mark. An alternative scenario is the distribution of the volumes to the $20,000 area,’ Mark Sorokin notes.


The alternative digital coins market is also growing at the beginning of the year.

‘There an interesting situation around XRP, which is at the lower support range border now after a strong drawdown and is gaining volume. This, in my opinion, indicates potential growth shortly. To put the puzzle together you need to see the impulse movement. In this case, the market may recover to the levels of $0,5–0,56 and will go higher,’ the expert notes.

ETH should also be expected to quit the current flat trend. ETH is closer to its historical highs than other altcoins but was unable to update them. Now we should expect the altcoin to quit the current intermediate accumulation. The most likely scenario here is quitting out up and continued growth.

‘Generally, nothing deciding observed at the digital asset market. The standard liquidity gain continues, since the open interest of participants dries up after strong impulses and the market needs to ‘refuel’ itself to move on,’ the expert summarizes.
22 January 2021
BTC updates historical high at $28,000

On a Sunday morning, December 27, the price of the largest digital currency continued to grow and broke the levels of $27,500 and $28,000. A new historical high was recorded at $28,288.84 (Coinmarketcap service data).

As of Sunday, the daily increase was 10.4%, the weekly one is — 14.4%. Later on Monday, the correction began. On Monday afternoon, BTC traded at $26,759. 28 with a daily decline of 3.18%. The asset’s market capitalization was $498.41 bn (Coinmarketcap service data for the writing time).

In the last week of December, BTC and the digital asset market showed a noticeable increase — the asset consistently updated the historical maximum at $23,800, $24,600, $25,800, $26 600, and $27,700. Altcoins are also growing steadily.

Among the Coinmarketcap top 10 rated coins the BTC and LTC are ones that show a decrease (fell in price by 2.2% during the day), other coins are in positive dynamics. The growth leaders are ETH (12.75%) and LINK (13.4%) (Coinmarketcap service data).

29 December 2020
The upcoming year of positive dynamics

The digital asset market is growing, its benchmark is updating its historical highs, and key altcoins haven’t yet found their growth limit of, 8848 Invest’s analyst Mark Sorokin believes.

There is quite exciting situation is on the digital asset market. Last week, almost the entire market went up without any pullbacks. It indicates the global trend has finally turned around and now there is a fairly large upward movement.

‘In the current environment, after such a sharp increase, the correction seems to be expected, or at least good liquidity gaining, from the nearest support levels. Generally, BTC went all the way from expanding within previous accumulation borders to the growth phase and stopped at $28 000. Here I am waiting for at least the flat formation on the daily chart and the start of distribution to the nearest support level,’ the expert notes.

Soon the flat movement formation should be expected, followed by overselling which will indicate a long-term market movement.


Further market growth is also indicated by the fact that the key altcoins haven’t reached their potential reversal zones yet, as previously was assumed. LTC and ETH keep their growth potential. The LTC mid-term target is the $160 level, the nearest ETH reversal zone is $850.

‘A similar situation in all major alternative coins is observed. Probably, we won’t see any serious correction for them. We should expect local liquidity gain from the nearest minimum support areas and continued growth,’ Mark Sorokin says.

Generally, there is further growth should be expected. The global trend has turned around, and market participants have at least a year of positive dynamics.


This significant growth is also supported by fundamental factors. In particular, the profitability indicators of traders and management companies are growing. A growing interest in BTC on the part of institutionals is also observed.

ETH futures contracts have appeared on the Chicago Mercantile Exchange (CME), which can attract new investors and provide an influx of new money into the digital assets.

29 December 2020
The market continues to move to $20,000

The digital asset market participants are expecting BTC to go up to renew the extremum in the region of $20,000. The BTC global daily chart clearly shows the purchase formation. Key altcoins are also moving up to previous highs, 8848 Invest’s analyst Mark Sorokin insists.

Positive dynamics resumed on the market after sharp dumping occurred a few weeks ago. It scared the market a little, and buyers quit out their positions as was expected. Happened can be described as large players’ ‘campaign’ to get the buyer’s stop-losses.

‘On Sunday evening, a reversal began to take shape allowed BTC to reach the area of the previous high. There was a liquidity addition from the support level and BTC is now expected to go up to renew the extremum in the region of $20,000. It will be the consistent result of this movement,’ the expert notes.

The kay market tools can stop before they will reach their highs. A reversal can occur, with further formation of the locked volume pattern on the downward reversal, followed by a resumption of the decrease to the previous minimum.

‘However, I am inclined still to the option of upward movement continuation. There are no serious signs of the volume distribution beginning,’ Mark Sorokin said.

The BTC global daily chart indicates purchase formation. There is a crossing zone in the area of $14,000, it is a kind of ‘cut-off’ point for buyers and sellers. Now the price may go up, then a correction to $14 000 will follow, but in general, this is the situation for the purchase. With almost any predictions, the market will continue to move up above $20,000, to the area of $24,000 — $25,000.


Key alternative coins, in particular, ETH, LTC, and Bitcoin Cash (BCH) have also formed a new reversal pattern from their support levels and, accordingly, are now moving up to the previous highs. The mid-term target for ETH is $630, for LTC is $91.80.

XRP is slightly behind them, but it should be also expected to reach the customers’ activity. The coin shows the first signs of a purchase pattern reversal. Altcoin will also resume moving to the area of previous highs at $0.8.

‘There are no signs of a serious reversal, so there are two options — growth continuation with further updating of highs, or forming of the flat, which will significantly change the market structure and force alignment. So far, further growth is expected. In o case of the market can’t overcome its historical highs, or if it overcomes them, but a further price increase will stop, the formation of stable flat trends will begin,’ the expert emphasizes.
16 December 2020
Market awaits the powerful impulse movement

The market continues to accumulate volumes, while its participants and observers expect a powerful impulse upward movement, 8848 Invest’s analyst Mark Sorokin insists.

Last week, the digital asset market didn’t change significantly. The key market tools entered the accumulation phase, but these accumulations should be considered as midterm ones since the formation of global structures hasn’t been confirmed yet.

‘We should expect a way out of these midterm accumulations now to understand what will happen soon. Generally, we can say since after the last fall there was a sharp buyback and the flat formation has begun, the market will continue to move up,’ the expert notes.

Since important potential reversal areas haven’t been reached yet, where a lot of liquidity for a downward reversal can be found, it’s more reasonable to expect for BTC to move up to $20 000. This is the point where large participants will lead the market in search of an opportunity to fix their local positions.


‘Key alternative digital coins haven’t reached their midterm targets yet. It should be expected soon. For LTC, this is the $100 level, for ETH the area of the previous trend source around $850. XRP forecast is moving up to $0.96. Other coins haven’t reached their resistances yet, which opens up additional opportunities for their growth,’ notes Mark Sorokin.

In general, the market situation is positive still, the market continues to grow. To fully understand the market situation, it’s necessary to wait for the key tools to quit out the current intermediate flats.

‘In a case of a situation change, the market will go down, and the formation of the large accumulation especially for BTC will be confirmed — it will be the alarm bell indicating the beginning of a potential global volumes distribution to the significantly lower support sources. In the meantime the market is waiting for any impulse movements,’ the expert insists.


On December 1 took place the launch of the Ethereum 2.0 zero phases. The genesis block was generated and the new network’s first blocks began to appear. This event will undoubtedly have a rather positive impact on the market, but this is a long-term story that won’t be shown up immediately the expert summaries.

09 December 2020
BTC on the threshold of updating the historical maximum

The market benchmark seeks to update the new historical maximum, and the market reacts to this positively. Altcoins are growing after BTC, some of them haven’t fully revealed their growth potential yet, 8848 Invest’s analyst Mark Sorokin insists.

There has been a fairly long upward movement in recent weeks. Naturally, new market participants tried to join this movement, bringing additional liquidity with them.

These participants made purchases receiving market indicator signals and buy confirmations. Thus, there was a knocking out of stop-losses and a sharp rate decline last week.

‘It’s consequence has become the new long positions accumulation at the bottom and the currently observed return of the BTC highs. Now I expect the further continuation of the market benchmark growth,’ the expert notes.


The positive dynamics return hasn’t affected all altcoins. Some alternative coins went up along with BTC. Others are still at the bottom keeping their growth potential. A powerful impulse upward movement should be expected for them.

‘The mainstream trend hasn’t changed yet. It should be expected to change after a large accumulation, which will be seen on daily and weekly timeframes. While it isn’t observed, downward formations should be considered as provocations of large market participants aimed at smaller ones. It can result in the sharp redemption and growth continuation,’ Mark Sorokin insists.

BTC is expected to update the level of $19,000 and the local maximum at $19,600, after reaching which it will be necessary to check the price reaction.

‘I am still waiting for the renewal of the historical maximum. It’s there where the potential reversal zone is located, for which, in my opinion, there are significant volumes of liquidity, a large number of stop-losses and pending trade orders, and so on,’ the expert notes.

The upward dynamics continuation for altcoins should be expected also. Those of them who haven’t begun their recovery after the correction yet will start a new trend movement. From a fundamental point of view, all the cryptocurrency industry sectors are in roughly the same position. Those of them that have drawdown more than others will gradually recover. It all depends on the investment volumes in specific projects.

03 December 2020
The articles above are not intended as professional investment, financial or legal advice and should not be taken as such. These articles are intended strictly for purposes of information. We recommend that you consult with a trained professional before making any decisions which will be suitable for your specific needs.
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