Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin fundamentals spike ahead of liftoff to $66,000

  • Bitcoin swings toward $66,000 following news that Tesla has started accepting payments in BTC.
  • Ethereum renews the uptrend above $1,700, while bulls target gains toward $2,000.
  • Ripple price is pivotal at the ascending channel's middle boundary as bulls gaze on $0.65.

Bitcoin jumped by more than $1,600 in a matter of minutes on Wednesday after Elon Musk announced that Tesla, the leading electronic car manufacturer, has started accepting payments in BTC. The firm's news has once again put the flagship cryptocurrency in the spotlight, as investors speculate on gains above $60,000.

On the other hand, Ethereum is trading marginally above $1,700 while dealing with the delayed action toward $2,000. Ripple is trading at $0.55 amid the battle to secure higher support. The rest of the cryptocurrency market is dotted green and red. Crypto assets such as THETA, Coin, and Enjin Coin are posting double-digit gains.

Bitcoin eyes upswing to $66,000

Bitcoin is trading above $56,000 after making a considerable rebound from the support highlighted by the 4-hour 200 Simple Moving Average (SMA) at $52,500. Meanwhile, bulls focus on gains above the 50 SMA and the 100 SMA. Trading above these two key moving averages would bolster BTC toward a breakout past the descending triangle pattern.

A 15% upswing is likely to occur if the bellwether cryptocurrency lifts beyond the triangle's hypotenuse. Moreover, trading above $60,000 may trigger massive buy orders as the fear of missing out (FOMO) grips investors. The impending triangle breakout has a target at $66,000, as observed on the chart.

The ongoing uptrend has been validated by the Moving Average Convergence Divergence (MACD) indicator. As the MACD line (blue) crosses above the signal line, the bullish momentum becomes stronger, further securing the upswing.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Ethereum embarks on journey to $2,000

Ether continues to exchange hands within the confines of a descending parallel channel, as seen on the 4-hour chart. The channel's lower boundary support played a key role in ensuring bearing pressure is checked, hence the anchor at $1,650.

Meanwhile, a recovery is underway, with Ethereum stepping above $1,700. Other key resistance zones that already flipped into support levels include the 200 SMA and the channel's middle boundary. Holding above these crucial areas will ensure that the uptrend remains intact. On the other hand, gains past the 50 SMA and the 100 SMA may catapult ETH beyond the channel, opening the door toward $2,000.

The Relative Strength Index (RSI) on the 4-hour chart emphasizes the bullish outlook as it heads into the overbought region. Similarly, holding at $1,700 is a bullish signal likely to encourage more buyers to join the market.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Ripple nurtures uptrend as technicals strengthen

The cross-border token is holding at $0.55, as well as the ascending parallel channel's middle boundary. If this support is confirmed, we may see Ripple spike above $0.6.

It is worth mentioning that XRP recently tested this region but failed to make a real break. Trading past this level would be a bullish signal calling out to buyers to come from the sidelines and board the bandwagon for highs above $0.65.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

On the downside, the MACD shows that Ripple is not quite out of the woods yet. Although the indicator is in the positive region, the MACD line (blue) has crossed under the signal line.

A move such as this implies that overhead pressure is increasing and that the asset may correct further. Support is envisioned at the channel's lower edge, $0.5 and $0.48, respectively.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: Musk changes tune on BTC as adoption and miners continue to make headway

Bitcoin price revival appears to be going well considering the recent sweep of the July 15 swing high. While this uptick in the market value of BTC is bullish, there is bound to be a minor pullback that will help catapult the pioneer cryptocurrency higher.

More Bitcoin News

TRON price sits on strong support while TRX bulls plan 70% breakout

A brief technical and on-chain analysis on TRON price. Here, FXStreet's analysts evaluate where TRX could be heading next as it seems bound for higher highs.

More Tron News

Cardano might pull back to $1.11 before heading higher

Cardano price has seen a quick run-up after approaching the trading range’s lower limit. While this uptick in ADA’s market value was obvious, investors should be aware of a minor pullback before the so-called “Ethereum killer” embarks on another leg up.

More Cardano News

Dash price must overcome imposing resistance to breakout

A brief technical and on-chain analysis on Dash price. Here, FXStreet's analysts evaluate where DASH could be heading next as it consolidates.

More Dash News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast