Bitcoin Price Prediction: Is the Crypto Bottom Here?

  • Bitcoin price is slipping below the weekly open, suggesting the possibility of a 10% drop to $17,924.
  • Ethereum price will follow that of BTC and retest the $993 support level.
  • Ripple price is facing a third rejection at the $0.336 hurdle and tilting towards a correction to $0.306.

UPDATE: Bitcoin price predictions are bought between those who offered bottoming potential 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 they continue marching to new lows. After retesting the worrying round level, Bitcoin rebounded on Thursday and it is trading above $20,500 at the time of this update (13:45 GMT). As US stock markets rebound and trade in the green for the fourth straight session, cryptocurrencies could eventually follow suit if market sentiment improves. It also made XRP price predictions a bit more optimistic, as the Ripple token is trading in the most choppy range. The legal saga between the payment giant and the US SEC awaits resolution, and the XRP community remains on the sidelines before heading in a new direction.

Bitcoin price is showing signs of exhaustion as it reverses the uptrend shown over the past three days. It also caused Ethereum, Ripple, and other altcoins to pull back. Going forward, investors can expect this minor retracement to turn into a foothold that the bulls will use to extend the surge.

Bitcoin Price Predicts Its Next Leg

Bitcoin price surpassed the weekly open at $20,535 and swept Monday’s high at $21,068 on June 22. This uptrend has caused many altcoins to justify exponential rallies. However, the exhaustion of buying pressure appears to be leading to a correction that took BTC from $21,705 to $20,416.

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

BTC/USD 4 hour chart

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

Ethereum price prepares to climb higher

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

This retracement is likely to drive Ethereum price further down, at least until it revisits the $993 support level. Here, traders have a chance to salvage ETH and favor a rally that could extend beyond the recently set up swing.

ETH/USD 4 hour chart

ETH/USD 4 hour chart

If Ethereum price produces a four-hour luster below $993 with no signs of a quick recovery, this will invalidate the bullish thesis. This development will further lead to a retest of the $1,219 and $1,283 thresholds.

Ripple price must give it another chance

Ripple price has faced the $0.336 hurdle three times since June 13. 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% pullback.

This decline will likely continue until the price of XRP hits the support floor of $0.306. A rebound from this level combined with an increase in buying pressure will be key to defending an extension of the current uptrend.

If Ripple price manages to topple the $0.336 barrier, XRP might revisit the $0.401 hurdle after rising 19%.

XRP/USD 4 hour chart

XRP/USD 4 hour chart

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

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