Below is the price analysis of major currencies such as Bitcoin, Ethereum and Ripple to see if they will rise this week.
With the crypto industry having a market capitalization of $2.31 trillion and 24-hour volume of $134 billion, the bulls are in complete control of the trend. Furthermore, the most dominant cryptocurrency, Bitcoin, with 52% hitting a new high of 52W at $64,000, reflects a high momentum reversal. Being the key driver of the bullish turn, increasing inflows into US-listed Bitcoin Spot ETFs are triggering the bullish trend.
Despite significant capital outflows from the GBTC surge, inflows into the other nine are driving momentum. With growing interest from institutional investors and the impending altcoin season, the bull run is still in the early stages.
Will Bitcoin Cross $69,000?
After the formation of a new 52-week high at $64,000, BTC price creates a huge bullish candle on the weekly chart. As buying pressure increases, increasing trading volume reinforces the ongoing uptrend.
On the weekly chart, BTC price analysis features a breakout of the inverted head and shoulders pattern. The breakout rally reaches a high of $64,000 and promises a continuation of the uptrend. According to Fibonacci levels, Bitcoin price is ready to challenge the 100% Fibonacci level and reach a new all-time high.
With this rally, buyers anticipate that Bitcoin price will cross the $69,000 mark. Currently, BTC price is trading at $61,994 with an intraday growth of 0.64% as buyers take a break on weekends. In the case of the breakout, the Fibonacci levels present $95,952 or the .618 Fibonacci level as the next target. However, the bulls could find a possible settlement high near $71,500 next week.
As reported by CoinDesk, Bitcoin (BTC) crossed the $65,000 mark in European morning hours today, inching closer to its all-time peak of $69,000 set in November 2021. BTC added more than 6% in the last 24 hours. The CD20, a broad-based liquid index of various tokens, rose 5.6% in the same period.
Will Ethereum Power a New Bull Run to $4,400?
As Bitcoin price crosses the $60,000 barrier, bullish sentiment in altcoins soars this week. Additionally, Whales’ growing expectations for an Ethereum ETF lead to increased Whales holdings. Furthermore, the recent 52% rise in ETH price over the past four weeks resulted in huge bullish candles on the weekly chart.
According to ETH price analysis, the bullish reversal causes a rounded bottom breakout with a neckline zone at $3,500. Currently, Ether is trading at $3,431 with an intraday move of 1.85% up. Considering buyers’ breakout next week, the bull run on Ethereum, based on Fibonacci levels, could reach a high of $3,872.
Ripple Triangle Breakout Ready to Fire
As XRP price creates a lower high formation on the weekly, the ongoing reversal will change the trend. As trend momentum grows with altcoin season just around the corner, XRP price is poised for a big rally.
The formation of a triangle pattern on the weekly chart is coming to an end and causing a bullish breakout. Currently, XRP price is trading at $0.63113 and offers a weekly performance of 16.38%. With this bullish candle poised for a breakout, Ripple is set to break above the 23.60% Fibonacci level. In case of a successful breakout, XRP price could reach the 50% Fib level next week at $0.93.
By Audy Castaneda
