Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How high BTC goes is unclear amid institutional FOMO
- Bitcoin price could reach $80K or higher after recording a new peak of $72,800 on Binance.
- Ethereum price could recover its $4,868 ATH, 20% north as markets ready for Dencun Upgrade.
- Ripple price could hit $0.8000 this week, a 10% climb as XRP bulls show strength.
Bitcoin (BTC) price continues to show strength, moving in unchartered territory amid institutional FOMO (fear of missing out). This is reinforced by the fact that the majority of BTC holders are not selling. Meanwhile, Ethereum (ETH) is also showing strength, holding above $4,000 while Ripple (XRP) price outdoes itself with double-digit gains.
Also Read: Large corporations, major wirehouses gearing up to buy Bitcoin: Bitwise
Bitcoin price eyes $80,000
Bitcoin price could make a 10% climb to the $80,000 psychological level after a bullish breakout above the $70,000 threshold. Markets remain broadly optimistic seen with the Relative Strength Index (RSI) position, still ascending despite BTC being massively overbought. Notice the RSI has not confirmed that BTC is ripe for selling.
If bullish momentum increases, Bitcoin price could extend north to the forecasted $80,000 target. This being the first time the market is witnessing this kind of buying frenzy among institutional players for an asset with limited supply, so much so that a bull market appears to have commenced months ahead of the BTC halving, just how far the price can go remains anybody’s guess.
We’ve never seen #Bitcoin reach a new all-time high before the halving.
— Dennis Porter (@Dennis_Porter_) March 11, 2024
We have never seen billions of institutional money flow into #Bitcoin.
There has never been so many states looking to pass pro #Bitcoin laws .
Do not blink. History is happening right before your eyes.
BTC/USDT 1-week chart
Conversely, if traders begin to book profits on the gains made so far, Bitcoin price could pull back, first losing the immediate support at $69,000. An extended fall would plunge BTC price back into the supply zone between $62,278 and $65,618. A break and close below the midline of tis order block at $64,044 would confirm the continuation of the downtrend.
Also Read: Bitcoin Price Outlook: Next target for BTC is $80K after LSE and MicroStrategy announcements
Ethereum price could reclaim its all-time high
Ethereum price is up almost 85% since the start of the year and does not show any signs of stopping. ETH bulls maintain a strong presence in the market, represented by the deep green shade of this histogram bars of the Awesome Oscillator (AO). The RSI is also northbound, showing rising momentum with the primary trend growing stronger as shown by the volume indicator.
Enhanced buyer momentum could see Ethereum price extend the gains past the $4,500 threshold before reclaiming its $4,868 peak, levels last tested on November 10, 2021. Such a move would denote a 20% climb above current levels.
ETH/USDT 1-week chart
On the other hand, if seller momentum increases, Ethereum price could retract to provide another possible buying opportunity around the $3,602 support level.
Also Read: ETH beta plays heat up this week as Ethereum Dencun Upgrade goes live on Gnosis
Ripple price eyes $0.8000 milestone
Ripple price has gone parabolic, gaining nearly 20% over the last day. This has seen XRP price record a multi-month high of $0.7440. Judging from the RSI position, there is still more room before the payments token can be considered overbought. Also, the AO histogram bars remain in positive territory, flashing green to show the bulls are in the lead.
Enhanced buying pressure could see Ripple price nick the $0.8000 psychological level, or in a highly bullish case, extend the gains to shed a zero and tag the $1.0000 key milestone. This would denote a 38% move north above current levels.
XRP/USDT 1-week chart
On the flip side, a drop below the $0.6421 support is likely to invalidate the bullish thesis, giving the bears a chance to recover the market.
Also Read: XRPLedger’s AMM activation could have a positive effect on Ripple, XRP
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
