Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC dominance drops as rotation starts slowly


  • Bitcoin price is likely to suffer rejection as BTC market shows cautious optimism after halving.
  • Ethereum price making a strong close above $3,238 could kickstart a 15% rally to $3,750.
  • Only a candlestick above $0.6791 would make Ripple token attractive to buy for XRP bulls.

Bitcoin (BTC) price is trading with a bullish bias following a successful halving event that has since renewed optimism in the market. With it, Ethereum (ETH) and Ripple (XRP) prices are showing promise, amid calls of a looming altcoin season.

Post-halving, markets are gathering modest gains. Meanwhile, Bitcoin dominance is going back down after establishing a peak of 57.03%. As it continues to drop, the rotation is slowly gaining steam in favor of altcoins. A drop in dominance below 54% could be a good confirmation.

BTC dominance

Also Read: Is Bitcoin sucking liquidity from altcoins, or will alt season begin again?

Bitcoin price at the cusp of a pullback

Bitcoin price is stuck within the lower section of the market range, confronting overhead pressure from the 50% Fibonacci placeholder of $66,727. The market is leaning in favor of the downside, with the Relative Strength Index (RSI) appearing subdued after spending quite some time barely above the 50 mean level and hinting at buyer exhaustion.

The Moving Average Convergence Divergence (MACD) is in negative territory. While it is above the signal line in the 12-hour time frame, the positions are reversed in the daily time frame, showing a continuation of the bearish sentiment. The Awesome Oscillator (AO) indicator in negative territory accentuates this.  

Bitcoin price is likely to reverse to $63,284, followed by a subsequent drop to $60,000 before a possible pullback. Notably, there remains some uncollected liquidity below this level, marked by the March 5 low of $59,005 and whose residue needs to be collected for balance.

BTC/USDT 12-hour chart

However, if the bulls can manage to breach the $66,727 roadblock and move above the most crucial Fibonacci retracement level of 61.8% at $68,391, it could open the expanse for extended gains, potentially as high as a new peak above $73,777.

Also Read: Bitcoin price nicks $66K after halving as BTC transaction fees reverse

Ethereum price could rally 15%

Amid speculation of an altcoin season, Ethereum price could rally 15% to $3,750, levels last tested around mid-March. This could be driven by an altcoin season, with ETH bulls primed for a rally as showed by the buy signals on both the RSI and MACD indicators, which have already crossed their respective signal lines.

In a highly bullish case, the Ethereum price could extend a neck higher to $4,093, nearly 30% above current levels.

ETH/USDT 12-hour chart

Conversely, if traders succumb to their profit appetite, Ethereum price could retract 6%, losing all the gains made over the past few days. In a dire case, the slump could extend to the April 13 low of $2,850, 10% below current levels.

Also Read: Ethereum resumes consolidation after brief dip, buyback yield exceeds that of major S&P 500 companies

Ripple price must rise 25% before XRP bulls flock the scene

Ripple price is bending to the alt season narrative, but XRP bulls will only come in after the price closes above the 78.6% Fibonacci retracement level of $0.6791. With the RSI and the MACD teasing with buy signals and the AO showing a bold resolve by the bulls to recover the market after multiple successive green histograms, the upside potential for XRP continues to grow.

XRP/USDT 1-day chart

Conversely, a rejection could send the XRP price south to find initial support at the $0.5000 psychological level or lower at $0.4500. A lower low below $0.4188, however, would invalidate the bullish thesis.

Also Read: XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

Cryptocurrency prices FAQs

Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.


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

Convex Finance extends gains after facing short squeeze

Convex Finance extends gains after facing short squeeze

Convex Finance (CVX), the DeFi token, extends its rally to double-digit gains and raises 26% on Monday, as seen on Binance. Data from Coinglass shows large volume liquidation of short positions, to the tune of $722,000. 

More Cryptocurrencies News

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP struggles to make a comeback above sticky resistance at $0.50 on Monday as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC).  

More Ripple News

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP