Ethereum
Bitcoin, Ethereum and XRP Price Prediction: Can We See a Rally After Halving This Week?
With the success of Bitcoin Halving this Friday, the blockchain completes 840,000 blocks. Additionally, the halving reduces the mining reward to 3,125 Bitcoins per block. As the event is known to create bull markets, the fourth half comes at a bad turn in global markets.
With US markets at a vulnerable stage and the Iran-Israel conflict creating waves of fear, the crypto market is struggling for a bull run. However, given that buyers gained confidence after the halving, the crypto market could see a big rally next week.
So, with the crypto market at a pivotal stage and anticipations growing, will the bulls make a comeback next week? How will this affect major coins like Bitcoin, Ethereum and XRP?
Let’s find out more in our BTC, ETH and XRP price analysis.
Will Bitcoin make a comeback?
After the Bitcoin halving, the BTC price showed a slight increase of 0.36% on Saturday to currently trade at $64,162. While demand pressure at the psychological level of $60,000 is still intact, the daily indicates continued sideways action.
For more than two months, the price of BTC has been trading sideways, resonating between the two horizontal levels of $73,850 and $60,000. The consolidation came after a notable rally from late January to mid-March, which revealed the formation of a bull flag.
In theory, this setup offers buyers a period of pause to reclaim their exhausted bullish momentum. Amid Bitcoin’s resilience in the face of interim geopolitical tensions, buyers increased the coin by 7% from $60,000 support.
Amid the post-halving rally, BTC price could cross the trend’s overhead trendline, a sign of a continuation of the uptrend. If the trend continues, buyers could lead a rally to $85,000 followed by $95,000.
Will Ethereum Spark the Next Altcoin Season?
Ethereum, the second largest cryptocurrency by market capitalization, has been in a steady correction since mid-March. The formation of a new high and low indicates that short-term sentiment has turned bearish as traders sell on a bullish rebound. From highs of $4,090, ETH price plunged 25% to a low of $3,050.
Amid the current market consolidation, ETH price is trading at $3,051, projecting an intraday loss of 0.21%. If supply pressure persists, ETH price is poised for another 8% decline before hitting an emerging support trendline intact since October 2023.
ETH price shows a history of bullish reversal from this dynamic support. Thus, this indicates that buyers continue to accumulate this asset during market declines.
Thus, a potential rebound would accelerate buying pressure and entice Ethereum buyers to chase a potential target of $3,730, followed by $4,090.
Can XRP Price Give a Significant Boost?
XRP, the native cryptocurrency of the Ripple network, has been an underperforming asset so far in 2024. Amid the recent market sell-off on April 13, attributed to Iran’s attack on Israel, the XRP price saw a significant outflow and plunged below the January 2024 low of $0.485.
Amid the recent downturn, XRP price has plunged below a 16-month support trendline. Ripple coin is currently trading at $0.514, struggling to follow this breakdown as general market sentiment is optimistic with the recent Bitcoin halving.
If the new recovery to $0.5 pushes the price of XRP above the crossed trendline again, sellers will lose their grip on this asset.
The failure of the breakdown could favor buyers and strengthen the price of XRP to regain a value above $0.56 and target $1.
What’s next for Bitcoin, Ethereum and XRP prices?
Following the Bitcoin halving, the cryptocurrency market offers local funds for the majority of major coins. With Bitcoin rebounding from $60,000, Ethereum and XRP are likely to see demand pressure from below. This indicates renewed recovery sentiment among market participants.