Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins ready to explode as BTC shows strength


Share:
  • Bitcoin price slows down before it kick-starts a move to retest the previous Monday’s high at $47,609.
  • Ethereum price sees a palpable bounce off the $3,061 support level and is on its way to tag the 2-day supply zone, extending from $3,675 to $3,862.
  • Ripple price stabilizes above the $0.700 to $0.753 demand zone as it contemplates heading higher.

Bitcoin price is showing signs of bottoming and starting a new uptrend. Although BTC is getting rejected at a supply zone, this development will be followed by a massive spike that propels the market value of the big crypto. Ethereum and Ripple also look positioned for a bullish onslaught.

Bitcoin price prepares for a new leg-up

Bitcoin price set up a triple bottom around $41,000 after collecting liquidity resting below it. The resulting upswing has pushed BTC to retest the 1-hour supply zone, extending from $42,790 to $43,037. 

A decisive close above this hurdle will flip it into a breaker, facilitating a new leg-up. The resulting upswing will likely propel Bitcoin price to make its way toward last week’s low at $45,874 or the subsequent barrier at $47,609. 

In total, this run-up could constitute a 12% upswing that could extend to 14% if BTC manages to retest the 200-day Simple Moving Average (SMA) at $48,378.

BTC/USD 1-hour chart

BTC/USD 1-hour chart

While things are looking up for Bitcoin price, a decisive close below $39,487 will create a lower low, invalidating the bullish thesis.

 

Ethereum price faces on significant barrier

Ethereum price has shown considerable strength as it bounced off the weekly support level at $3,061. While the uptrend has begun for the smart contract token, ETH needs to overcome the 200-day SMA at $3,445 to head higher.

Clearing the said hurdle will open ETH’s path to retest the supply zone, extending from $3,675 to $3,862. If bulls continue to hold their line, Ethereum price could extend to the weekly resistance level at $4,066.

ETH/USD 1-day chart

ETH/USD 1-day chart

Regardless of the bullish outlook, if Ethereum price breaches the $3,061 support level, it could lead to a retest of the subsequent level at $2,712. A breakdown of this barrier will create a lower low, invalidating the bullish thesis.

 

Ripple price remains steady 

Ripple price has been in a tough spot as it hovers around the daily demand zone, stretching from $0.700 to $0.753, however, bulls have made a comeback, leading to a bounce higher. 

As of this writing, the XRP price looks like it now wants to continue its rally, however, the upside potential for the remittance token seems to be capped due to the existence of multiple resistance barriers at $0.994.

That said, there is a chance Ripple price will embark on a 13% upswing to $0.865, coinciding with the 50-day SMA. Although unlikely, a breach of this level will allow XRP price to retest the 200-day SMA at $0.951.

XRP/USD 1-day chart

XRP/USD 1-day chart

On the other hand, if Ripple price produces a daily close below $0.70, it will create a lower low and invalidate the bullish thesis. In this case, XRP price could revisit the December 4 swing low at $0.604.

 

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

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Could Aptos price buckle under pressure and crash 55%?

Could Aptos price buckle under pressure and crash 55%?

Aptos (APT) price is pushing on the red descending trend line to trigger a breakout trade with a rally toward $20.36. The move is an outlier as the downtrend since the beginning of February has not finished one day in the green. 

More Cryptocurrencies News

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano (ADA) traders need to face reality as markets are pivoting back toward a sticky inflation story, which contradicts the Goldilocks story that was the driving force in January.

More Cardano News

Luna Classic gears up for recovery after Binance support and latest upgrade

Luna Classic gears up for recovery after Binance support and latest upgrade

Terra Classic (LUNC) formerly known as LUNA is upgrading from its v1.0.4 version to v1.0.5. The world’s largest exchange by volume, Binance has announced support for Luna Classic, fueling a bullish narrative among LUNC holders. 

More Luna Classic News

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

Ripple (XRP) price sees traders front-running the main event for today with Federal Reserve Chair Jerome Powell taking the stage later this evening at 17:00 GMT in Washington.

More Ripple News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP