The fall of Bitcoin (BTC) to $ 28,100 on May 26 invalidates the bullish thesis. For investors in the cryptocurrency market, this situation is met with fear and anxiety. Bitcoin, Ethereum (ETH), and Ripple (XRP) may experience more bearish price action.
Will Bitcoin price rise 30 percent?
As we have reported as Cryptokoin.com, Bitcoin’s price movements at $ 41,300 and $ 39,700 seemed to be bullish signals. It seems that the smart money keeps the BTC price at this level to encourage investors to open a long position. Now that the opposite bullish triangle is invalid, the next target is a guessing game. Bears in the market should avoid getting greedy and take more time from techniques to show potential targets.
The $32.630 level must now be crossed to invalidate the downtrend. If this level is exceeded, the bulls should have enough strength to push the BTC price up to $38,000, resulting in an increase of around 30 percent from the current Bitcoin price.
BTC price is consolidating, while ETH continues to decline
Ethereum price is still falling below the $2,000 zone. ETH price is currently trading at $1756 as the bears follow the techniques outlined in last week’s bearish thesis. Ethereum price is likely to drop to $1400 in the coming days as the bears push the price down. This is the first crypto season in the last few years where Bitcoin has held its value while the Ethereum price has dropped. For these reasons, fear seems to be at an all-time high among investors. The Relative Strength Index has officially broken the buyers support level, which raises bearish forecasts for Ethereum price
Ethereum price drop invalidation is now above $2,480. If the bulls can break through this area, the ETH price downtrend could be invalidated. The bulls can safely target an ETH price of $3000, which results in an increase of around 75 percent from the current Ethereum price.
Ripple (XRP) price should be watched closely
Ripple (XRP) is seen as one of the cryptocurrencies that disappoints investors the most in the cryptocurrency market. This week, Ripple price broke out of a consolidating triangle pattern, causing XRP price to retest $0.38. Still, analysts are looking for ways to predict an alternative bullish scenario ahead of the upcoming lawsuit between XRP and the SEC.
XRP price may maintain its volatile structure in the coming days. The protracted disagreement between the two powers is probably the only thing keeping the XRP price from reaching $1.00 and beyond. The dollar cost averaging approach is still seen as a viable strategy for XRP investors aiming for long-term macro goals.
18522
