If the price of bitcoin closes decisively above the $45,451 mean threshold this weekend, it could reach $48,000. Ethereum may reach its peak of $2,717 in the range as ETH leads altcoins in recovery efforts.
As the price of Ripple breaks the midline of the going down parallel channel, XRP may recover $0.5500.
Following a protracted period of consolidation, the price of Bitcoin (BTC) and Ethereum (ETH) as well as Ripple (XRP) began to move. As the Chinese Lunar Year following of the Dragon begins this weekend, the general outlook is one of revival remedies, with markets flashing green. This year is unique since it symbolizes strength.
“Everyone feels lucky when they’re in the Year of the Dragon, and we’re pleased to do the Year of the Dragon because it’s a very powerful and auspicious year,” said Anna Wong, a local board participant in the Organization of Chinese Americans. Because Chinese investors feel fortunate, cryptocurrency markets may rise this weekend due to this optimism.
Table of Contents
The price of BTC might reach $48,000 this weekend.
At $45,451, the price of BTC has surged above the supply zone’s midline. Aggressive selling is the hallmark of the supply zone that spans $44,235 to $46,715 in the order block. This weekend, if BTC closes above its midline, the gains could increase to $48,000 or, in an extremely bullish scenario, $50,000. A move like that would indicate a 5% increase over the present levels.
Rising momentum is indicated by the RSI, which stands for Relative Strength Index, which is trending north. The MACD (Moving Average Convergence Divergence), which displays a strong bullish wave with its histogram bars flashing green, is likewise in positive territory.
In contrast, an uptrend may be approaching as BTC is in overvalued territory with the RSI over 70. Early profit-taking poses a threat to the upside potential of the Bitcoin price and could cause it to revert to the $40,650–$43,750 range. The favorable thesis would be refuted if selling pressure pushes Bitcoin all the way up to $37,800, where the price might cliff and roll over to $30,000.
The price of Ethereum might return to the $2,717 range elevated.
The price of Ethereum (ETH) is steadily rising and may surpass $2,600 to reach $2,717, which is where it was last seen on January 12. This would represent an increase of 9% over the present levels. The RSI place at 63 indicates that there is still room to the north prior to ETH is overvalued, and the momentum indicator’s inclination indicates that buying power is increasing.
The bullish trend in the market is indicated by the green bars of the MACD histogram. Increased buyer momentum may cause the price of Ethereum to break through the range high and reach $2,800. On the other hand, Ethereum’s price may decrease if traders begin to profit. Although holders of Ethereum would suffer from a break below $2,388; however, the current bullish perspective would only be refuted if Ethereum crosses when closes below $2,280.
Price ripples could return $0.5500.
The price of Ripple (XRP) has broken through the descending parallel channel’s midline. As momentum increases, the price of XRP may increase by 5% to reach $0.5500. The price may continue to rise in a very bullish scenario, breaking the 50-, 200-, as well as 100-daytime SMA (Simple Moving Averages) that $0.5633, $0.5730, and $0.5970, respectively. This may pave the way for XRP to reach the psychological threshold of $0.6000. Conversely, if the bears are successful, the price of Ripple may decline and reach the $0.4734 support level once more.
Bitcoin experiences its largest weekly increase in four months.
Friday saw a 5% increase in BTC to one-month highs, driven by what analysts described as a rush of buying ahead of the April halving event and a slowdown in recent withdrawals from exchange-traded funds.
Following regulatory approval for the first US listed recognize BTC exchange traded products, the price surged to a meeting peak of $47,705, the highest since January. The biggest cryptocurrency in the world was up 3.5% at $46,945 as of last night. This week, it is expected to rise 10%, the most in a single week since October. At $2,486, ether was up 2.5%.
Since the SEC finally approved the ETFs, there has been a sell-the-news wave of profit-taking that has caused Bitcoin to trend lower from its two-year high, which it reached in January just above $49,000.
While stocks, bonds, and gold have all risen in recent weeks due to expectations that global central banks will begin reducing interest rates this spring, the decline in bitcoin went against the trend of other financial markets.
Since then, policymakers have resisted this, and economic data does not support the idea that rates should drop anytime soon. In the meantime, more volatile investments like stocks have increased, and bitcoin has started to rise once again. Analysts claimed that Friday’s price increase resulted from a halt in recent ETF withdrawals as well as a spike in buying preceding April’s halving.
“Traders are obviously preparing for the awaited reducing by half event due in approximately two months,” stated Joshua Mahony, chief markets analyst at Scope Markets, “with bitcoin rebounding to $46,000 this morning.”
The goal of the next halving, which is scheduled for April, is to reduce the incentive for creating tokens in half in order to slow the ejection of bitcoin, the quantity of which is limited to 21 million, 19 of which have already been mined.
Top Related Posts
Bitcoin approaches to its high for the first time since April 2022.
Bitwise Reports That on the First Trading Day, Its Bitcoin ETF Saw the Highest Inflow
The Rise of Bitcoin: A Comprehensive Analysis and Present Situation
