Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC likely to crash amid death cross forming

Bitcoin (BTC) price indicates signs of an impending slump after losing a critical support level. The gloom has extended to Ethereum (ETH) and Ripple (XRP) prices, as the broader market downtrend becomes clearer now more than ever before. 

Also Read: Bitcoin price recovery bound to be delayed as Texas power crisis threatens miner reserves.

Bitcoin price faces risks of a downtrend

Bitcoin (BTC) price is down almost 3% over the last day, against a 99% increase in 24-hour trading volume. However, the odds favor the downside, with momentum indicators showing that buying pressure continues to reduce.

Furthermore, a death cross hangs over Bitcoin price, indicated by the 50-day Moving Average (MA) almost crossing below the 200-day MA. A death cross pattern occurs when the short-term moving average of an asset crosses below its long-term moving average.

With the above, Bitcoin price could fall toward $24,500. This level is of particular significance as it marks the June 2023 lows and the last lowest high. Therefore, a solid break below it could extend the downtrend, possibly sending BTC to tag the $23,600 range, levels last tested on May 13. In a dire case, the downtrend could continue to $21,300, levels last seen in March. Such a move would constitute a 15% downswing from current levels.

BTC/USDT 1-day chart

On the other hand, if the $24,500 support level holds, Bitcoin price could have a chance at a recovery. Increased buying pressure above this level could change the narrative for Bitcoin, sending BTC north to reclaim the $25,586 support level. 

In a highly bullish case, the king of crypto could extend to breach the resistance confluence between the 50- and 200-MA at around $27,616 before a neck higher possible toward the $28,838 hurdle.

In highly ambitious cases, Bitcoin price could shatter past the $30,000 psychological level before a test of the range highs above $31,804.

The bullish convergence between Bitcoin price and two momentum indicators, RSI and MACD, adds weight to prospects of a recovery. This is indicated by BTC price recording lower lows which are not mirrored by either RSI or MACD. 

Also Read: Bitcoin Weekly Forecast: BTC could revisit $21,000 as sell signals multiply ahead of US CPI.

Ethereum price risks 10% fall

Ethereum price (ETH) is $1,575 at press time, sliding south with a forecasted 10% slump to $1,407 if Bitcoin price tags $24,500.

ETH/USDT 1-day chart

Conversely, a recovery in Bitcoin price, would influence Ethereum price to correct north, possibly converting the $1,575  resistance level back to a support floor before breaching past $1,800 to tag the psychological $2,000 level.

Also Read: Grayscale Ethereum Trust discount shrinks to lowest level in a year, traders await spot ETH ETF approval.

Ripple price to fall back to the confines of a bearish pattern

Ripple (XRP) price tests the upper boundary of a descending parallel channel, with momentum indicators (RSI and AO) showing a possible breakdown back into the foothold of this bearish technical formation.

A decisive flip of the $0.4600 support level back into a resistance would increase the odds for a downtrend, confirmed once XRP tests the midline of the descending parallel channel at $0.4191. In the dire case, the payments token could extend lower to the channel’s base at $0.3562, levels last seen in March.

XRP/USDT 1-day chart

A hold at the upper channel line and resurgence by the bulls, however, could reverse the trend for Ripple price, with a likely breach of the 200-day Exponential Moving Average (EMA) hurdle at $0.5224 before XRP can confront the resistance confluence between the 50- and 100-day EMA at around the $0.5505 and $0.5510 range. This would indicate a 15% ascent above current levels.

Also Read: XRP price reverses all gains since Judge Torres ruling as Ripple holders sentiment turns negative.