Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptocurrency market enters new bullish cycle

  • Bitcoin sits above $12,200, while on-chain metrics reveal a possible rally to $13,000.
  • Ethereum fails to catch up to BTC, only stepping above the immediate hurdle at $380.
  • Ripple’s short-lived recovery was rejected at the 100 SMA in conjunction with $0.25.

A gust of fresh air is rushing through the cryptocurrency market after Bitcoin topped $12,000 for the first time since the beginning of September. While the flagship cryptocurrency is still on an upward roll, other major and minor cryptoassets are standing still, unbothered by the bullish action. For instance, Ethereum is still dealing with the hurdle at $380, while XRP is limited under $0.25.

Bitcoin eyes $13,000 in the near term

After taking down the resistance at $12,000, Bitcoin majestically extended the upper leg above the next target at $12,200. At the time of writing, BTC is trading at $12,288 amid a fast-building bullish momentum. The Relative Strength Index (RSI) gives credence to the price action, suggesting that gains can extend to $12,500.

The bullish outlook is also validated by the golden cross made after the short term 50 Simple Moving Average crossed above the 100 SMA in the 4-hour timeframe. If gains continue in the near term, the fear of missing out (FOMO) might grip the market, encouraging investors to buy more Bitcoin.

BTC/USD 4-hour chart

BTC/USD price chart

The IOMAP model by IntoTheBlock reveals an absence of substantial resistance to $13,000. In other words, Bitcoin has a path cleared of significant obstacles and if it capitalizes on it, $13,000 is probably a conservative prediction.

However, the seller congestion between $13,015 and $13,382 must be overcome to actualize rally to $14,000. Here, nearly 102,000 addresses previously bought almost 65,000 BTC.

On the downside, the bellwether cryptocurrency is sitting on an area with immense support. Thus it’s very doubtful a breakdown will come into the offing in the near term. Nonetheless, in case of a reversal, $11,800 could be retested. For now, the region with robust support lies between $11,529 and $11,985. Here, roughly 1.7 million addresses previously bought around 1.1 million BTC.

Bitcoin IOMAP chart


Ethereum could follow in Bitcoin’s footsteps

Ethereum bulls appear to be waking up after stalling at $380. At the time of writing, the price has sliced through the hurdle. If buyers continue building on the newly overcome level at $380, their focus will shift to $390 and $400.

The Moving Average Convergence Divergence (MACD) has crossed into the positive territory. A vast divergence above the MACD shows that bulls are slowly regaining control. Hence, recovery towards $400 is possible.

ETH/USD hourly chart

ETH/USD price chart

IntoTheBlock’s IOMAP model illustrates a lack of striking hindrances ahead of the smart contract token. Thus, if the subtle seller congestion between $383 and $394 is broken, a rally will erupt, blasting ETH above $400.

On the flipside, immense support exists between $371 and $381 due to the previous demand for the token in the range. Here, nearly 1.8 million XRP bought about 14.6 million ETH. This support must be defended; otherwise, ETH may retrace steps to $360.

Ethereum IOMAP chart

ETH/USD price chart

Ripple’s recovery still in jeopardy

XRP has held firmly to the initial support at $0.24 over the last week. However, the upside is still capped under $0.25, with buyers left with little space even to wriggle. For now, Ripple is dealing with the resistance at the 100 SMA in the 4-hour timeframe.

Since gains past $0.25 are unlikely, the 50 SMA is in line to provide immediate support. The RSI is pointing downwards, suggesting that the downtrend trend is catching momentum. Further down, $0.24 is a critical demand zone, but the primary support is $0.22.

XRP/USD 4-hour chart

XRP/USD price chart

It is worth mentioning that XRP holders are still accumulating, perhaps in anticipation of a rally to $0.30. For instance, Santiment, a leading provider of on-chain metrics, shows that addresses holding between 1 million and 10 million XRP have grown consistently over the last 30 days.

Similarly, those addresses holding more than 10 million XRP rose from 306 on October 17 to 311 on October 21. If this buying spree remains, the pressure will also mount behind XRP, in the end, setting the token on a path to recovery.

Ripple holder distribution chart

XRP holder distribution

Daily takeaway

Bitcoin eyes $12,400 after overcoming the hurdles at $12,000 and $12,200. On-chain metrics show that the path of least resistance is to the north. On the downside, support at $11,800 will prevent extreme price dips.

Ethereum finally climbed above $380 but is adamant about following in the footsteps of Bitcoin. Despite on-chain data showing the absence of challenging hurdles, bulls are still waiting on the sidelines, probably until Ether confirms a breakout above $390.

Ripple has run into a short term resistance at the 100 SMA in the 4-hour timeframe. Besides, supply at $0.25 is proving too concentrated, also limiting movement. However, as whales keep stocking XRP, buying pressure is bound to increase and restart the uptrend again.

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

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000

Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000

Bitcoin price hit $40,000 over the weekend as investors anticipate a spot BTC ETF approval in January. Bitcoin trades around $42,000 and shows no signs of stopping. This article will focus on what to expect this week and the outlook for BTC and if the fourth cycle is any different.

More Bitcoin News

Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament

Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament

Crypto exchanges serving Indian residents to face action if not compliant with Anti-Money Laundering and Countering of Financial Terrorism guidelines.The process of registering offshore exchanges, Virtual Digital Asset service providers has been initiated.

More Cryptocurrencies News

Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit

Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit

As Dogecoin (DOGE) approaches its tenth anniversary on Wednesday, the Shiba-Inu-themed meme cryptocurrency has surpassed a crucial resistance level at $0.088076, reaching the highest level since mid-April.

More Dogecoin News

Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024

Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024

Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.

More Bitcoin News

Analyzing potential $30k corrections ahead of BTC ETF approval

Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.

Read full analysis