Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Bullish Comeback Hits $61,000, ETH and XRP To Follow
- Bitcoin price recoils from $58,000 as investor speculation spikes for the price to close October above $70,000.
- Ethereum settles above $4,100, but bulls are coming face to face with a formidable supply barrier around $4,400.
- Ripple could quickly jump to $1.2 after bringing down the challenging barrier at $1.1.
Cryptocurrencies are flipping the volatility to bullish following a mid-week retracement stint. Bitcoin dropped to $58,000 but is currently trading above $61,000. Ethereum and other altcoins reflected a relatively similar price action.
The pioneer smart contracts token test support at $3,900 but has recovered to $4,150. Binance Coin appears to be flirting with $480 after testing support at $450.
Meanwhile, Shiba Inu rallied to $0.000088; new record highs on Thursday plunged to $0.000058. Although the token has recovered to $0.000077, analysts believe that the brief selloff was caused by investors rotating profits made in SHIB to DOGE, which spiked to $0.33 for the first time in August.
At the time of writing, Shiba Inu is back in the ninth position, with Dogecoin coming tenth. The tug war between the meme coins appears to have intensified and is unlikely to stop soon.
Bitcoin Price Renews Bullish Case Above $60,000
The dive to $58,000 must-have offered investors an opportunity to buy more of the asset. Note that most enthusiasts and prominent figures like Tom Lee of Fundstrat and the anonymous PlanB expect Bitcoin to rally above $100,000 as the worst-case scenario for 2021. PlanB, who makes predictions based on the Stock-to-Flow model, believes that Bitcoin can rise to $135,000 by December 31.
In the meantime, Bitcoin trades at $60,920, according to live data from Binance, but on some exchanges, the asset is well above $61,000. With a fresh boost from $58,000, BTC seems ready to take down the barrier at $64,000 and make its way to the record high at $67,000. If bulls sustain the momentum, Bitcoin could close the month of October, trading past $70,000.
BTC/USD Daily Chart
Nonetheless, a sell signal must be wiped off the Moving Average Convergence Divergence (MACD) indicator to affirm the bullish outlook. For now, establishing higher support is crucial to the continuation of the resumed uptrend.
Read Also: Six Reasons Why Bitcoin Has Intrinsic Value
Ethereum Faces Yet Another Daunting Task
Ethereum barely spent time below $4,000 following the massive retreat across the market on Tuesday. Nonetheless, it back to trading above $4,100 and precisely at $4,150 at the time of writing.
The recovery, although highly welcome, must undergo some kind of bullish litmus test to ascertain that Ether is poised for the ultimate rally to new historical highs.
Realize that the red area on the chart represents the most challenging resistance. Bulls must crack this supply zone to bolster Ether above $4,000 and start another price discovery phase.
ETH/USD Daily Chart
Traders should keep in mind a sell signal that had started to take shape in the MACD. If bears carry the day, then Ethereum will take longer to achieve the goals beyond $4,400.
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Ripple Price Gradually Closing In On $1.2
Ripple, like ETH and BTC, lost a significant chunk of its value on Wednesday. The cross-border token temporarily stepped under $1, but a reflex recovery occurred above the demand area in green.
This key support was reinforced by both the 100 SMA and 200 SMA. XRP has lifted to $1.05, allowing bulls to take the fight to the seller congestion at the 50-day SMA. The uptrend is expected to carry on in the near term, at least close the day above $1.1.
XRP/USD Daily Chart
The Relative Strength Index (RSI) confirms the growing bullish grip as it lifts from levels around 40. If this movement steadies above the midline, Ripple will also gain traction past $1.1 and move to close the gap to $1.2.
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