Price Prediction Bitcoin, Ethereum, Ripple: BTC likely to crash
Bitcoin price is falling, putting BTC at risk of slipping below the key June lows of $24,500.
Ethereum price could drop 10% to $1,400 range if BTC price shows weakness below $25,586.
Ripple price eyes continued downtrend as XRP tests the descending parallel channel at $0.4600.
The price of Bitcoin (BTC) is showing signs of an impending decline after losing a critical support level. The gloom has also extended to Ethereum (ETH) and Ripple (XRP) prices as the broader downtrend in the market is now clearer than ever.
Also Read: Bitcoin Price Recovery Will Necessarily Be Delayed As Texas Crisis Threatens Miners' Stocks.
Bitcoin price faces the risk of a downtrend
The price of Bitcoin (BTC) has fallen nearly 3% over the past day, against a 99% increase in 24-hour trading volume. However, the odds are in favor of the downside, with momentum indicators showing that buying pressure continues to ease.
Additionally, a death cross is hanging over Bitcoin price, as indicated by the 50-day moving average (MA) almost below the 200-day MA. A death cross pattern occurs when an asset's short-term moving average crosses its long-term moving average.
With the above, the price of Bitcoin could fall as low as $24,500. This level has special significance as it marks the June 2023 lows and the last low high. Thus, a solid break below it could extend the downtrend and possibly send BTC to mark the $23,600 range, levels last tested on May 13. At worst, the downtrend could continue to $21,300, the levels last seen in March. Such a move would represent a 15% drop from current levels.
BTC/USDT 1 day chart
On the other hand, if the $24,500 support level holds, Bitcoin price could have a chance to recover. Increased buying pressure above this level could change the story for Bitcoin and send BTC north to reclaim the $25,586 support level.
In a highly bullish case, the crypto king could extend to break the confluence of resistance between the 50- and 200-MA at around $27,616 before a possible rally to the $28,838 mark.
In highly ambitious cases, the price of Bitcoin could break through the psychological level of $30,000 before reaching a high above $31,804 in a test.
The bullish convergence between Bitcoin price and two momentum indicators, the RSI and the MACD, adds weight to the prospect of a recovery. This is indicated by BTC price making lower lows that are not mirrored by either RSI or MACD.
Also Read: Bitcoin Weekly Forecast: BTC could return to $21,000 as sell signals multiply ahead of US CPI.
Ethereum price risks 10% drop
The price of ethereum (ETH) is $1,575 at press time and is heading south with a projected 10% drop to $1,407 if Bitcoin is at $24,500.
ETH/USDT 1 day chart
On the contrary, a recovery in the price of Bitcoin would influence the price of Ethereum to correct northward, possibly converting the resistance level of $1,575 back to the lower support, before crossing the $1,800 mark to mark the psychological level of $2,000.
Also Read: Grayscale Ethereum Trust Discount Drops to Year-Low, Traders Await Spot ETH ETF Approval
Rippling price to return to the boundaries of the bearish pattern
Ripple (XRP) price is testing the upper boundary of the descending parallel channel, with momentum indicators (RSI and AO) pointing to a possible breakout back to the heel of this bearish technical formation.
A decisive reversal of the $0.4600 support level back into resistance would increase the chances of a downtrend, which was confirmed once XRP tested the midline of the descending parallel channel at $0.4191. At the extreme, the payment token could extend lower to the base of the channel at $0.3562, levels last seen in March.
XRP/USDT 1 day chart
However, sustaining the channel's upper boundary and a bullish revival could reverse the Ripple price trend with a likely break above the 200-day exponential moving average (EMA) at $0.5224 before XRP can face the confluence of resistance between the 50- and 100-day EMAs at 0.5505 and $0.5510. That would represent a 15% rise over current levels.
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