Crypto Price Prediction: Bitcoin Targets $62K, Ethereum and XRP Price Test Crucial Support
Highlights
- Bitcoin price shows signs of a bullish move to $62,971.
- Ethereum price could slide lower before it can embark on a north-bound move.
- XRP price needs to find its footing around $0.492 and $0.516 before bulls can make a comeback.
Bitcoin (BTC) price has shown incredible strength since the August 5 local bottom. Since then, BTC has shot up 21% and trades below $60,000. Ethereum (ETH) price and Ripple (XRP) price have followed the pioneer crypto’s footsteps and recovered some of the losses.
Bitcoin Price Likely to Shoot Higher
Bitcoin price forms an inverse head-and-shoulders setup on the 30-minute chart, signaling an incoming bullish outlook. As the name suggests, this setup contains three distinctive swing lows, with the central swing point lower than the other two.
The target for this technical formation is obtained by adding the distance between the neckline and the head to the breakout point. In such a case, Bitcoin price forecast suggests a move to $62,971.
On the other hand, a breakdown of the $56,719 support level would invalidate the inverse head-and-shoulder setup. This development would knock BTC price down to $54,676.
Ethereum Price Struggles With Key Support Level
Ethereum price has been hovering around the $2,618 level for the past nine days with no impulsive moves away from it in either direction. This outlook from ETH is quite opposite with what’s happening with Bitcoin price. For now, ETH price is likely to slide lower to collect the sell-side liquidity resting below $2,510 before a reversal could occur.
The Relative Strength Index (RSI) also looks weak as it hovers below the 50 mean level, suggesting a potential correction in ETH price before an uptrend kickstarts.
A failure to recover above $2,618 after a liquidity sweep of $2,510 will signal weakness from ETH bulls. Such a development for Ethereum price predicts further southbound move to $2,190.
XRP Price In Tough Spot
XRP price is currently dead in the water and is ranging with a negative slope, which is bearish, unlike Bitcoin price, which showcases a clear bullish outlook. This type of price action often resolves to the downside with a spike in volatility. Investors can expect the remittance token to retest the four-hour demand zone, extending from $0.492 to $0.516. Sidelined buyers are likely to make a comeback here and trigger a Ripple price recovery bounce.
On the contrary, a breakdown of the $0.492 support level will invalidate the bullish outlook. In such a case, XRP price could trigger a 12% correction to the August 5 swing low of $0.431.
Frequently Asked Questions (FAQs)
1. What is the current trend for Bitcoin price?
2. What is the key support level for Ethereum price?
3. What is the potential price correction for XRP price?
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