Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Is Only 5% From Hitting $50,000 As $60,000 Comes Into Sight

Last Updated August 16th 2021
3 Min Read
  • Bitcoin bulls can easily spot $60,000 through the sight glass after closing the gap to $48,000 during the weekend.
  • Ethereum settles above $3,200 but must break the barrier at $3,400 to achieve $4,000.
  • Ripple’s uptrend fades after rising to $1.35, but support at $1.2 is expected to boost the uptrend’s resumption.

Bulls notoriously took over the weekend in the cryptocurrency market again, with most coins posting incredible double-digit gains. Solana was the recovery star, following over a 40% growth to new all-time highs of $65.

Simultaneously, Cardano stretched the bullish leg bolstered by the Alonzo upgrade to trade an August high of $2.25. Investors still hope that ADA will gain momentum to close the day above the record high of $2.5 and begin another price discovery phase to $5.

On the other hand, Bitcoin was not left behind as it closed the gap to $48,000. With the momentum fading, it became increasingly difficult to keep the uptrend to $50,000 intact, explaining the minor correction to $47,510.

Meanwhile, Ethereum still struggles with the need to close in on $4,000, especially with resistance at $3,400 intact. On the downside, robust support at $3,200 ensures that the bullish outlook has been enhanced. Similarly, Ripple failed to clear the barrier at $1.35, culminating in a correction that may revisit $1.2.

Bitcoin Price Stalls But Bulls Keep Eyes On The Prize

The flagship cryptocurrency closed the gap to $48,000 but failed to sustain the uptrend to $50,000. A minor retreat occurred, perhaps to allow bulls to regroup and reenergize.

On the brighter side, bulls seem to have secured higher support at $47,000 (a level that the buyers have taken over). With this crucial level in place and intact, bulls will confidently and execute the next mission above $50,000.

Realize that Moving Average Convergence Divergence (MACD) indicator still has a minor bullish signal. This means that bulls still have the upper hand, but the growing bearish influence cannot be ignored, especially if a sell signal is confirmed. A MACD sell signal occurs when the 12-day EMA crosses below the 26-day EMA.

Therefore, support at $47,000 is essential and will ensure that a sell signal is kept at bay, allowing bulls ample time to work on gaining ground above $50,000.

BTC/USD Daily Chart

 BTC/USD Daily Chart 081621

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Ethereum Awaits A Catalyst To Rally To $4,000

Ethereum bounced off support at $3,100 and closed Friday above $3,200. The bullish leg later made it past $3,300 alongside BTC’s uptick to $48,000. However, bulls could not keep the uptrend going due to overhead pressure below $3,400.

At the time of writing, Ether is trading at $3,295 amid the push by the bulls to regain ground above $3,300. The correction may carry on until Ripple revisits support at $3,200.

According to the MACD, the bullish outlook has narrowed since the failed weekend breakout attempt. Stronger buyer congestion at this level will have the potential to bolster ETH significantly higher. Realize that trading above $3,400 could be the catalyst Ethereum needs to phase the remaining barriers to $4,000.

ETH/USD Daily Chart

 ETH/USD Daily Chart 081621

 Check Out: Is It Too Late To Buy Ethereum?

Ripple Rally Runs Into A Massive Barrier, What Could Come Next?

XRP stretched the gains significantly above $1 and broke the resistance at $1.2. The bullish wave continues to $1.35, but buyers ran out of steam. An immediate correction occurred under $1.3, sending XRP toward $1.2.

Meanwhile, the MACD has a massive bullish outlook, which means that Ripple is not done with the uptrend yet. Tremendous support, at $1.25 or $1.2, would ensure that bulls regain balance. Market stability would also brace XRP for another breakout attempt to $1.6 and later $2.

XRP/USD Daily Chart

 XRP/USD Daily Chart 081621

Traders should keep in mind that losing support at $1 may trigger another round of losses. Note that bears currently feel squeezed, and if they get a slight chance, they will take advantage to push XRP back to $1.

Read Also: Will Ripple Make Me Rich in 10 Years?

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