Top 3 Price Prediction Bitcoin, Ethereum, Ripple: 2023 is a trade-by-trade market, and this one looks bullish


  • Bitcoin price has risen by 3% since the start of the new year.
  • Ethereum price could rally back to $1,400, the midpoint of October’s trading range.
  • XRP price is lagging behind ETH and BTC but could explode for substantial gains.

The crypto market is producing a turn that could result in more uptrend gains. Still, a countertrend trade in the current environment is highly risky, and one should handle their own risk accordingly.

Bitcoin price is likely to move higher

Bitcoin price is putting forth optimistic signals as the peer-to-peer digital currency has risen by 3% since 2023's opening bell. The move north took place after the bulls established a higher pivot point at $16,333 on December 30, compared to the previous bearish attempt that was halted at $16,256 on December 19.

Bitcoin price currently auctions at $16,854, up 1% on the day after falling just $9 short of tagging the psychological $17,000 resistance. As January 4th's market nears the final hour, the BTC price seems poised to settle above the recently breached 21-day simple moving average (SMA) at $16,750.

In doing so, sidelined bulls could begin re-entering the market to challenge key levels within December's trading range. Ultimately, the December swing high at $18,387 could succumb to a challenge, resulting in a 9% Increase from BTC's current market value. 

tm/btc/1/4/22

BTC/USDT 1-Day Chart

A daily close below the recently breached 8-day exponential moving average (EMA) at $16,500 would void the newly established uptrend's possibility to rally further. As a consequence, the 2022 low at $15,476 could be subject to a liquidation, resulting in a 9% decline from the current Bitcoin price.

Ethereum price enters October's range

Ethereum price has risen by 6% since the start of the new year. The bulls have produced a bullish engulfing candle back into October's support zone, aiding two previous countertrend rallies. Like Bitcoin's technicals, the decentralized smart-contract token hurdled both the 8-day exponential and 21-day simple moving averages during January 4th’s upward move. 

Ethereum price currently trades at $1,216. A Fibonacci retracement tool surrounding October's swing low and swing high shows the current rise as just a 23.6% retracement. If the market is genuinely bullish, the bulls should be able to rally into the midpoint of October's trading range at $1,400, resulting in an additional 12% gain.

tm/eth/1/4/22/

ETH/USDT 1-Day Chart

Invalidation of the bullish thesis would be a closing candlestick beneath the recently colliding moving indicators at $1,210. If the breach occurs, the bears could re-route south and challenge December's low at $1,150, resulting in a 7% decline. 

XRP price lags but could be the dark horse among the three

XRP price has not joined the bullish plot witnessed by the other two cryptocurrencies. As of January 4, Ripple coils between the 8-day EMA and 21-day SMA, only garnering a mere 1.5% increase in market value since the start of the year.

XRP price currently auctions at $0.3485. Traders should keep their eye on the recent swing high established at $0.3605. A second attempt to hurdle the barrier could be the move bulls have been waiting for. Key liquidity zones of interest would be the $0.37 a00nd $0.4000 swing highs established on December 13 and 27, respectively. The bullish scenario would create the potential for a 14% rally from Ripple's current market value.

tm/xrp/1/4/22

XRP/USDT 1-Day Chart

If the bulls hurdle $0.3600, the uptrend's invalidation point would be the $0.3000 swing low established on January 2. A breach of the low would void the bullish potential and lead the way for the bears to target the 2020 liquidity levels near $0.2700 and potentially $0.2500, resulting in a 30% decline from Ripple's current trading price. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Digital asset weekly inflows jump over 600% following response to CPI report

Digital asset weekly inflows jump over 600% following response to CPI report

Coinshares weekly report of digital asset flows shows that crypto assets witnessed more than a 600% increase in net inflows last week after US Consumer Price Index saw a softer-than-expected inflation increase.

More Cryptocurrencies News

Ethereum sees a 16% spike as Bloomberg analysts surprisingly increase approval odds to 75%

Ethereum sees a 16% spike as Bloomberg analysts surprisingly increase approval odds to 75%

Ethereum's (ETH) price gained over 16% on Monday as Bloomberg analysts updated their odds for spot Ethereum ETF approval to 75%. Grayscale’s CEO stepping down from his role days before the Securities & Exchange Commission (SEC) decides on the ETFs has also added complexity to the predictions of analysts.

More Ethereum News

Tokens with high FDVs, low circulating supply face fierce criticism from crypto community

Tokens with high FDVs, low circulating supply face fierce criticism from crypto community

Tokens with high fully-diluted valuations (FDV) have been subject to fierce criticism recently following a series of token unlocks that has caused losses for several investors. As a result, Binance has said in an announcement on Monday that it will give more focus to small and medium-valued crypto projects.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP