Market Sentiment

Is Bitcoin Set to Soar? Price Predictions for BTC, ETH, and XRP Amid Market Buzz!

Fxstreet2 min read88 views
Is Bitcoin Set to Soar? Price Predictions for BTC, ETH, and XRP Amid Market Buzz!

Bitcoin’s (BTC) price continues to trade green, trading above $100,900 on Friday after rallying almost 7% so far this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and bounced after retesting key support levels earlier this week, all hinting at a rally ahead.

Bitcoin Bulls Aim for an All-Time High of $108,353

Bitcoin price bounced after retesting its $90,000 support level on Monday and rose 5.77%, closing above the $100K in the next three days. At the time of writing on Friday, it continues to trade higher, around $100,900. If BTC continues its upward momentum, it could extend the rally to retest the December 17, 2024, all-time high of $108,353.

The Relative Strength Index (RSI) indicator on the daily chart reads 59, above its neutral level of 50, and points upwards, indicating a rise in bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator flipped a bullish crossover on Wednesday, giving a buy signal and suggesting an uptrend.

BTC/USDT daily chart

BTC/USDT daily chart

However, if BTC faces a pullback and closes below the $100,000 support level, it could extend the decline to retest its next support level at $90,000.

Ethereum Rebound After Retesting Its 200-Day EMA

Ethereum price rebounded and closed above its 200-day Exponential Moving Average (EMA) at $3,120 on Tuesday and rose 7.2% the next day. However, it declined 4% on Thursday, and at the time of writing on Friday, it hovers around $3,257. If the $3,120 EMA level holds, ETH could extend the recovery to test its daily resistance level at $3,730.

Conversely, if ETH closes below the 200-day EMA at $3,120, it could extend the decline to test its psychological importance level of $3,000.

ETH/USDT daily chart

ETH/USDT daily chart

Ripple Bulls Could Aim for the Symmetrical Triangle Target at $3.63

Ripple price retested its upper symmetrical triangle boundary on Monday and rallied 28.6%, closing above its psychological importance level of $3.00 over the next three days. At the time of writing on Friday, it continues to trade higher, around $3.29. If XRP continues its upward momentum, it could extend the rally to test its technical target obtained by this pattern, which would be $3.63.

XRP/USDT daily chart

XRP/USDT daily chart

However, if XRP closes below the $1.96 daily support level, it would extend the decline to retest its next support level at $1.40.

  • #bitcoin
  • #ethereum
  • #ripple
  • #marketanalysis
  • #cryptotrends

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