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Last month, we witnessed the approval of a spot Bitcoin ETF, and some predicted that this would drive prices to lower depths with significant sell-offs. However, they were mistaken as the Bitcoin price spent only a short time at the $38,500 support before climbing to a new peak after a month, reaching $50,334 at the time of writing. Altcoins have turned green again. So, what are the market predictions?
Bitcoin (BTC)
Bitcoin initiated the next phase of its uptrend on February 12, surpassing its January 11 peak of $48,970. It recently climbed to $50,334.82. At the time of writing, it was at $49,744. The $50,000 region is not a tough resistance area, but $52,000 seems a reasonable candidate for BTC’s potential local peak.
With strengthening momentum and strong ETF inflows (and assuming inflation data doesn’t bring any bad surprises this week), BTC price could rise up to $60,000. Conversely, if the king of cryptocurrencies starts closing below $48,970, we could see sell-offs taking over and the price dropping to $44,700.
Ethereum (ETH)
The market’s largest altcoin by value has many positive developments in store for the first half of 2024. Among them are the Dencun, ETH decisions, Bitcoin halving, the first interest rate cut, and more. Moreover, the bulls are maintaining $2,507 as support. The rising 20-day EMA ($2,400) and RSI are positive. Hence, with the $2,600 resistance surpassed, the price could rise to $2,717.
The breakout level of $2,400 will be the main key region to watch on the downside. If the support zone is lost, we could see a drop to $2,100.
Ripple (XRP)
XRP’s recovery attempt faced resistance at the 20-day EMA ($0.52), and the price failed to make the expected bounce in the support zone. Despite the BTC rally, the XRP Coin price is below $0.54. If selling pressure increases, XRP Coin price could fall to key supports at $0.5 and $0.46.
A breakout upwards would reclaim the downtrend line and we could see a rally to $0.67. For now, XRP Coin bulls don’t seem very eager.
