Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin liftoff to $16,000 to trigger the next bull run


  • Bitcoin holds between the resistance at $15,500 and support at $15,000 as consolidation leads.
  • Ethereum is pivotal at $460 amid the push to establish higher support and avoid potential losses to $430.
  • Ripple sideways trading action could last longer, especially with the tough resistance at $0.26.

The world celebrated the news that a gigantic pharma company from the United States had developed a 90% vaccine in the prevention of COVID-19. The information reverberated in global markets, with related stocks recording massive gains. However, Bitcoin and the entire cryptocurrency market ignored developments as stability reigned.

It's uncertain how Bitcoin will react to the final news of the production and availability of the coronavirus vaccine worldwide. Many analysts have attributed the recent gains to the pressure channeled into the stock market by the pandemic and the recently concluded United States presidential election.

Meanwhile, the flagship cryptocurrency has settled for consolidation between $15,000 and $15,500. Other major cryptocurrencies like Ethereum and Ripple are following closely in Bitcoin's footsteps. Although sideways trading is dominant in the cryptocurrency market, the trend appears to be leaning to the bullish side.

Bitcoin calm before an imminent breakout

The consolidation is well illustrated on the 4-hour chart using the Bollinger bands. BTC is stable above the middle boundary of the indicator. A bullish building momentum hints at a potential breakout to levels past the recently achieved new yearly highs at $15,890. Moreover, the ongoing constriction of the bands points towards a potential breakout in the near term.

The existence of multiple and intense support areas insinuates that Bitcoin will push above the 2020 peak and extend the bullish leg to its all-time high around $20,000. Some of these key support areas include $15,000, reinforced by the 50 Simple Moving Average in the 4-hour timeframe, last week's critical support at $14,500 and the 100 SMA.

BTC/USD price chart

BTC/USD price chart

On the other hand, a reversal may come into the picture if Bitcoin dives under the middle layer of the Bollinger bands. Price action like this one could trigger immense selling pressure, pushing through crucial support areas.

Ethereum seeks higher support

Ethereum bulls have activated their defense mechanisms following a second rejection marginally below $470. The hunt for higher support is such that Ethereum can resume the uptrend to $500 before launching the much-anticipated ETH 2.0.

If the losses progress beneath $450 and Ethereum slides under the descending trendline, a selloff could further trigger Ethereum diving. Other tentative support areas include $440, the 50 SMA on the 4-hour chart and the 100 SMA, currently holding the ground at $410.

ETH/USD price chart

ETH/USD 4-hour chart

On the upside, price action would resume to $500 if Ethereum onto the support at $460. Higher support will allow ample time to focus on how to bring down the next resistance at $470 and $490, respectively.

Ripple motionless under $0.26

XRP lost the ground above $0.26 after hitting a barrier under $0.27. Robust support appears to have formed beyond the confluence created by the 50 SMA and the Bollinger band's middle boundary.

The cross borders token's immediate upside is barricaded by the 100 SMA as well as the seller congestion at $0.26. Trading above these two hurdles would call for more buy orders, creating enough volume to lift XRP to $0.3.

In the meantime, the prevailing sideways action might hold longer, as observed by the Bollinger bands. Similarly, the Moving Average Convergence Divergence (MACD) adds credibility to the consolidation.

XRP/USD price chart

XRP/USD 4-hour chart

It is worth mentioning that consolidation and the imminent breakout to $0.3 will be invalidated if Ripple slides under the Bollinger band middle boundary and the 50 SMA. Bearish momentum could also build to the short term support at $0.24. If XRP overshoots this zone, the next tentative demand area would be the 200 SMA.

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

Four reasons why XRP price could set new-all time high above $5

XRP price experienced a significant bull run as it rallied roughly 750% since 2021. However, due to the recent correction, Ripple’s year-to-date (YTD) performance is hovering around 268%.

More Ripple News

Shiba Inu price flashes first sign of reversal, eyes 38% upswing

Shiba Inu price dipped below the short-term governing range on June 11 as the crypto market experienced a minor sell-off. However, bulls have managed to push SHIB above the range high, indicating the resurgence of buyers.

More Shiba News

Ethereum might create another opportunity for buyers to kick-start new uptrend

Ethereum price is currently trading below a critical resistance level and is trying to breach past it. A decisive close above the swing high on June 9 will create a higher high and signal the start of an uptrend.

More Ethereum News

Cardano upswing hangs in balance, but on-chain metrics reveal trouble

Cardano price rose 12% after dipping below a crucial support level at $1.451. ADA is currently hovering inside a critical resistance level, ranging from $1.525 to $1.624. Only a decisive close above $1.636 will confirm the start of a run-up.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES



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

BTC

ETH

XRP