Bitcoin price prediction: Is cryptocurrency here?

  • The Bitcoin price slips during the weekly opening, suggesting the possibility of a 10% drop to $ 17,924.
  • The Ethereum award will follow BTC and retest the $ 993 support level.
  • The Ripple price faces a third rejection at the $ 0.336 hurdle and tilts toward a correction to $ 0.306.

UPDATE: Bitcoin price predictions are split between those who predict 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 continuing with to march to new lows. After retesting the aforementioned round level, Bitcoin rose again on Thursday and traded above $ 20,500 at the time of this update (13:45 GMT). As U.S. stock markets rise and trade in the green for the fourth consecutive session, cryptocurrencies could potentially follow suit if market sentiment improves. It also made XRP price predictions a bit more bullish as the Ripple token is trading in the thinnest area. The legal saga between the payment giant and the US SEC awaits a solution, and the XRP community remains on the sidelines before moving in a new direction.

The Bitcoin price is showing signs of exhaustion as it reverses the upward trend seen over the past three days. It also caused Ethereum, Ripple and other altcoins to withdraw. Going forward, investors can expect this smaller retracement to become a foothold that the bulls will use to prolong the rise.

Bitcoin price predicts its next leg

The Bitcoin price exceeded the weekly opening of $ 20,535 and swept Monday’s high of $ 21,068 on June 22nd. This trend has caused many altcoins to trigger exponential rallies. However, the exhaustion of buying pressure seems to lead to a correction that took BTC from $ 21,705 to $ 20,416.

This 7% decline is likely to continue until BTC retests the support level of $ 19,416. Here, buyers have a chance to save the price and drive it higher, thus continuing the trend. However, a miss could see the Bitcoin price fall and sweep Monday’s lowest level to $ 17,924.

BTC / USD 4 hour chart

On the other hand, if the Bitcoin price makes a higher high above the June 21 swing high of $ 21,705 and stabilizes above $ 21,068, it will invalidate the bearish outlook. This development could cause BTC to rise further to $ 23,000.

The Ethereum Prize is preparing to climb higher

Ethereum prices rose 35% between June 19 and June 22, peaking at $ 1,192. In the process, the ETH produced a series of higher highs, which then peaked as the bullish momentum waned.

This retracement is likely to drive the Ethereum price further down, at least until it revisits the $ 993 support level. Here, traders have a chance to save ETH and trigger a rally that could extend beyond the newly created swing high.

ETH / USD 4 hour chart

ETH / USD 4 hour chart

If the Ethereum price produces a four-hour candlestick below $ 993 with no sign of a rapid recovery, this will invalidate the bullish thesis. This development will further lead to a genetic test of the thresholds of $ 1,219 and $ 1,283.

Ripple price must give it another chance

The Ripple price has faced the $ 0.336 hurdle three times since June 13th. Every time traders have triggered a rally to attempt a breakout, it has failed. The most recent test was on June 21, resulting in a 5% withdrawal.

This decline is likely to continue until the price of XRP hits the support floor of $ 0.306. A recovery from this level combined with increased buying pressure will be the key to triggering an extension of the current uptrend.

If the Ripple price manages to overturn the $ 0.336 barrier, the XRP may revisit the $ 0.401 barrier after rising 19%.

XRP / USD 4 hour chart

XRP / USD 4 hour chart

While things look cautiously bullish on the Ripple price, a close four-hour candlestick below $ 0.306 will invalidate the recent rise to $ 0.336. In such a case, the XRP price may fall to $ 0.250, the next stable support floor.

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