Can Bears Dominate Halving Spree? Bitcoin, Ethereum, and XRP Price Prediction for the Week
The rising CPI data in the U.S. had a negative impact on the crypto markets, increasing volatility in an already volatile market. Despite being a symbol of decentralization, Bitcoin’s price fell this week due to its close ties to the U.S. market.
Bitcoin’s price experienced a sharp 4% drop last night, closing the day at $67,150 after recovering from a low of $65,320. This decline in the market leader’s price sent a bearish signal throughout the altcoin sector.
The sell-off wave led to $784 Million in long liquidations this Friday, according to data from Coinglass.
With growing bearish momentum, the question arises: will Bitcoin, Ethereum, and XRP prices plummet next week? Or will the anticipation surrounding Bitcoin Halving trigger a bullish rally like a phoenix rising from the ashes?
Is $100,000 Just A Pipe Dream For Bitcoin?
Amidst market panic, the BTC price chart displays a large bearish candle forming from the overhead trendline. This pullback tests the 50D EMA and suggests a minor correction within the bullish flag.
Despite the sell-off, Bitcoin remains above the 23.60% Fibonacci level and shows lower price rejection, indicating significant underlying demand.
As the Bitcoin halving approaches, the likelihood of a bullish spike increases. This surge could lead to a breakout rally in the BTC price pattern, extending the current uptrend.
Based on price levels and psychological barriers, the primary cryptocurrency could reach the $100,000 mark. However, in the short term, the upcoming week might witness a bullish surge pushing the BTC price higher to $76,000.
Ethereum Under Stress, Tension Grows Over $3,000 Level
With Bitcoin undergoing correction, the leading altcoin, Ethereum, also feels the pressure from increased market supply. Despite this, the Ethereum price remains above $3,000, with a long-term projection of lower price rejection.
The lower price rejection indicates a similar underlying demand as Bitcoin, raising the chances of a reversal. However, the 7.50% drop last night pushed the ETH price below the broken resistance trendline of a rising channel.
Despite this, the RSI divergence in the ETH price trend strengthens the possibility of a reversal.
Based on trend-based Fibonacci levels, the ETH price could target the $4,000 mark for a new breakout attempt.
Will The Sleeping Giant Wake Up This April?
Following massive supply dumps in Bitcoin and Ethereum, altcoins like Ripple face a similar fate. The XRP token price dropped by 10% to $0.54.
The decline challenges the bullish dominance at the ascending support trendline that has been active since early 2023. Moreover, the dynamic resistance in the weekly timeframe lacks significant momentum for a reversal.
Despite this, the RSI divergence and lower price rejection at the baseline suggest a strong comeback. If the highly anticipated altcoin season coincides with Bitcoin Halving, the altcoin could break the triangle and surge this week.
According to trend-based Fibonacci levels, the $0.8966 mark presents a suitable target for the triangle breakout rally.
What’s Next For Bitcoin, Ethereum, and XRP Price?
Despite the recent sell-off, Bitcoin and altcoins are gearing up for a rebound next week. The lower price rejection, ongoing uptrend, and upcoming Halving could propel the market to new highs. Therefore, the decline provides an opportunity to purchase top-tier crypto at a discounted price.
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