- Bitcoin price falls below the weekly open, pointing to the possibility of a 10% drop to $17,924.
- Ethereum’s price will follow BTC’s and retest the USD 993 support level.
- Ripple price faces a third rejection at the $0.336 hurdle and tilts towards a correction towards $0.306.
UPDATE: Bitcoin price predictions are being torn between those who foresee a potential bottom for cryptocurrencies and BTC, and those – like billionaire investor Mark Mobius – who see the current consolidation just above the psychological level of $20,000 as a stop for the bears before they continue to march to new lows. After retesting the aforementioned round level, Bitcoin recovered on Thursday and is trading above $20,500 at the time of this update (13:45 GMT). With US stock markets recovering and trading in the green for the fourth straight session, cryptocurrencies may be able to follow suit if market sentiment improves. It also made XRP price predictions a bit more optimistic as the Ripple token is trading in its thinnest range. The legal saga between the payments giant and the US SEC awaits resolution, and the XRP community remains on the sidelines before moving in a new direction.
Bitcoin price is showing signs of exhaustion as it reverses the uptrend of the past three days. It also caused Ethereum, Ripple and other altcoins to pull back. Going forward, investors can expect this minor retracement to turn into a fulcrum that the bulls will use to extend the gain.
Bitcoin Price Predicts Its Next Leg
Bitcoin price surpassed its weekly opening at $20,535 and hit Monday’s high at $21,068 on June 22. This upward trend has led many altcoins to trigger exponential rallies. However, the exhaustion of buying pressure seems to be triggering a correction that took BTC from $21,705 to $20,416.
This 7% drop is likely to continue until BTC retests the $19,416 support level. Here, the buyers have a chance to save the price and float higher, continuing the uptrend. However, a miss could lead to a drop in Bitcoin price and Monday’s low of $17,924.
BTC/USD 4 hour chart
On the other hand, if Bitcoin price makes a higher high above the June 21 swing high at $21,705 and stabilizes above $21,068, it will invalidate the bearish outlook. This development could allow BTC to rise further to $23,000.
Ethereum Price Prepares to Climb Higher
Ethereum price jumped 35% between June 19 and June 22 and peaked at $1,192. In the process, ETH produced a series of higher highs, which were then reached as bullish momentum wears off.
This retracement is likely to lower Ethereum price further, at least until it hits the $993 support level again. Here, traders have the chance to rescue ETH and trigger a rally that could extend beyond the recently established swing high.
ETH/USD 4 hour chart
If Ethereum price produces a four-hour candlestick below USD 993 with no signs of a quick recovery, it will invalidate the bullish position. This development will further lead to a retest of the $1,219 and $1,283 thresholds.
Ripple Price Should Give It Another Chance
Ripple price has faced the $0.336 hurdle three times since June 13. Every time traders have triggered a rally to break out, it has failed. The most recent test was on June 21, resulting in a 5% pullback.
This decline is likely to continue until XRP price hits the $0.306 support floor. A rebound from this level coupled with an increase in buying pressure will be the key to triggering an extension of the current uptrend.
If Ripple price manages to topple the $0.336 barrier, XRP may revisit the $0.401 hurdle after rising 19%.
XRP/USD 4 hour chart
While things are looking cautiously bullish for Ripple price, a four hour candlestick below $0.306 will void the recent rise to $0.336. In such a case, XRP price could fall as low as $0.250, the next stable support floor.