Top 3 Price Prediction, Bitcoin, Ethereum, Ripple: BTC cements new support, is the bull cycle in full swing?


  • Bitcoin price is cementing new support in the weekly timeframe around $26,473, suggesting the completion of a bull cycle.
  • Ethereum price could soon offer opportunities for bulls to accumulate around $1,786.
  • Ripple price eyes the $0.55 range high as XRP coils up for a 20% explosion.

Bitcoin (BTC) price is bullish despite the lack of momentum, with bulls looking to breach the $30,000 level at all costs. However, the price action indicates the completion of a bull cycle, meaning some buyers could turn to sellers soon. The gloomy expectation, or lack thereof, in the crypto king could harm Ethereum (ETH) and Ripple (XRP) price as altcoins tend to follow on the heels of BTC.

Also Read: Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin price suggests the end of a bull cycle

Bitcoin (BTC) price has been trading with a bullish bias on the weekly timeframe indicated by the Parabolic SAR flipping below the price in January. This comes after a massive multi-month drop beginning November 2021, indicated by lower highs on the chart below. However, a weakening momentum indicated by the flattening 200-Moving Average (MA) has caused a horizontal consolidation as the crypto king cements a new support level. This suggests the end of a bull cycle.  

A bull market is the condition of a financial market in which prices are rising or are expected to rise. Waning momentum for a prolonged duration could indicate the end of such a run, especially when the asset’s price trades within a range for months.  Based on the chart below, Bitcoin price is setting a new support level in stone, around $26,473.

Once a bull cycle ends, some buyers become sellers in the distribution phase discussed recently, where the two opposing forces are at equilibrium. Accordingly, BTC could drop to the $24,000 range.

BTC/USDT 1-Week Chart

Conversely, increased buyer momentum could restore control of Bitcoin price to the bulls, conferring enough gusto for the BTC to break above the $30,000 range.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC bulls recovery plan targets $30,000 as bears exhaust

Ethereum price to offer traders a buying opportunity soon

Ethereum (ETH) price is trading within the premium zone, but a lack of momentum could see the largest altcoin by market capitalization reach equilibrium, where traders can buy ETH at a fair market value of around $1,771.

Traders would also have the opportunity to buy ETH at a discount below the equilibrium level before the Ethereum price rallies back to the recent high. Considering the context behind the current outlook for Ether is bullish, the PoS token could record another impulsive move, potentially clearing the equal highs around $1,907.

In a highly bullish case, Ethereum price could escape above $2,000 to record a new range high above $2,118.

ETH/USDT 1-Day Chart

Conversely, if selling pressure abounds, Ethereum price could flip the support offered by the EMAs, extending south to collect liquidity below the $1,424 level.

Also Read: Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ripple price coils up for a 20% rally

Ripple (XRP) price is coiling up for another break, after a 30% rally beginning May 12. The downtrend comes after XRP was overbought, indicated by the Relative Strength Index (RSI) position above 70 on May 30.

As Ripple price enjoys robust support downward at $0.49 and is backed by the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $0.46, $0.45, and $0.44, respectively, XRP could make a 20% breakout to $0.55 after a retest of the demand zone between $0.46 and $0.44.

A demand zone denotes a price range that signals the start of a sharp uptrend, as either a bullish reversal (like in this case) or an uptrend continuation. Within the demand zone, accumulation or buying occurs. Traders are therefore advised to watch this accumulation zone as the next entry position to avoid missing the next uptrend.

XRP/USDT 1-Day Chart

On the flipside, there was a lot of uncollected liquidity slightly above the $0.40 support level and just above the $0.35 range, meaning Ripple price could descend to these levels before a potential pullback.

Also Read: XRP unlocks tokens worth $500 million as SEC vs. Ripple verdict looms


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

Arbitrum community opens vote for 200 million ARB Gaming Catalyst Plan proposal

Arbitrum community opens vote for 200 million ARB Gaming Catalyst Plan proposal

Arbitrum community opened a vote for its Gaming Catalyst Program (GCP) to boost support for game builders in the ARB ecosystem. The plan is to strategically allocate 200 million ARB to game projects within Arbitrum. The token has sustained its gains from the week.

More Arbitrum News

ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time high

ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time high

Ondo extended gains by 75% increase in the past 11 days, per crypto intelligence tracker Santiment. The token ranks among top trending assets on the platform, with a massive spike in non-empty wallets. ONDO added 4% value to its price on Sunday, sustaining 40% gains from the week. 

More Ondo News

Aptos user transactions hit record high, APT eyes over 20% gains

Aptos user transactions hit record high, APT eyes over 20% gains

Aptos user transactions in a single day reached 97.488 million. The number of user transactions and Transactions Per Second, both metrics hit a record high, supporting the thesis for price gains in APT. The rise in transaction-related metrics can be attributed to Tapos, a viral clicker game where users can earn rewards. 

More Aptos News

US Presidential candidate Donald Trump is open minded to cryptocurrency, supports right to self custody

US Presidential candidate Donald Trump is open minded to cryptocurrency, supports right to self custody

US Presidential candidate Donald Trump shared positive views on crypto, posting on social media platform, “I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry.” 

More Cryptocurrencies News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP