Bitcoin, Yearn.Finance & Ripple - American Wrap: 11/16/2020

Bitcoin Price Of $300,000 Is A Realistic Target Based On Several On-Chain Metrics

A new report from Citibank’s Managing Director, Tom Fitzpatrick, states that Bitcoin could reach $318,000 and that this cryptocurrency is the digital gold of the 21st century. Tom thinks BTC could touch that price by December 2021.

Although it is a high price target, some on-chain metrics could be suggesting something similar. The infamous Stock-to-Flow Bitcoin model would put Bitcoin price at least at $100,000 by the end of 2021. 

Yearn.Finance Price Is Breaking Out As Bulls Aim To Push YFI Towards $24,000

YFI is bounded inside an ascending parallel channel and has just defended the lower trendline bouncing off towards $19,000. The momentum is shifting back in favor of the bulls which are aiming for $24,000.

Despite the bounce on November 16 from the lower boundary of the ascending parallel channel, bulls still need to make sure to hold this level. The next price target could be $20,000 which is the middle of the pattern.

XRP Price Explodes Over 12%, But Some Technical Indicators Spell Trouble

XRP had a notable breakout on November 13 from the ascending triangle pattern formed on the daily chart. The initial price target is $0.30; however, the digital asset could be looking for a pullback first. 

Using the height of the ascending triangle as a reference, the bullish price target would be $0.30 on the daily chart. XRP price peaked at $0.289 which is extremely close to the goal. Now, the digital asset is facing some selling pressure from a sell signal.

Image sourced from Pixabay