Bitcoin Price Could Reach $48,000 This Weekend
Bitcoin (BTC) price is showing signs of a potential rally, as it has broken past the midline of the supply zone at $45,451. If BTC manages to close above this level, it could extend its gains to $48,000 this weekend, or even reach $50,000 in a highly bullish scenario. The Relative Strength Index (RSI) is pointing to rising momentum, while the Moving Average Convergence Divergence (MACD) is also in positive territory, indicating a strong bullish wave.
However, there are a few factors that could hinder Bitcoin’s upward momentum. With the RSI above 70, BTC is currently in overbought territory, which could lead to a correction. Additionally, early profit-taking could cause BTC to fall back into the range between $40,650 and $43,750. If selling pressure intensifies and pushes BTC to $37,800, the price could roll over to $30,000, invalidating the bullish thesis.
Ethereum Price Aims to Reclaim $2,717 Range High
Ethereum (ETH) price is on an upward trend and could potentially surpass $2,600 to reach $2,717, a level last tested on January 12. The RSI position at 63 suggests that there is still room for ETH to increase before becoming overbought, while the MACD histogram bars indicate a strong presence of bulls in the market. If buyer momentum continues to strengthen, Ethereum price may break past the range high and reach $2,800.
On the other hand, if traders start taking profits, Ethereum price could see a decline. A break below $2,388 would be detrimental for ETH holders, but the bullish outlook would only be invalidated if ETH drops below $2,280.
Ripple Price Aims for $0.5500
Ripple (XRP) price has broken above the midline of the descending parallel channel, indicating a potential upward movement. With momentum on the rise, XRP price could increase by 5% to reach the $0.5500 level. In a highly bullish scenario, the price could continue to climb and surpass the 50, 200, and 100-day Simple Moving Averages (SMA) at $0.5633, $0.5730, and $0.5970, respectively. This could pave the way for XRP to reach the psychological level of $0.6000.
However, if bearish sentiment takes over, Ripple price may decline and retest the $0.4734 support level.
This weekend could prove to be significant for the cryptocurrency market, as Chinese investors enter the Year of the Dragon, which is considered to be a powerful and auspicious year. With markets flashing green, there is optimism that the revival of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, may continue. Time will tell whether these price predictions come to fruition or if market factors dampen the rally.
Analyst comment
Positive news: Bitcoin price could reach $48,000, Ethereum aims to reclaim $2,717, Ripple price aims for $0.5500. Market analysts expect a potential rally with rising momentum and a strong presence of bulls. If buying momentum continues, prices may surpass the predicted levels. However, overbought conditions, profit-taking, and bearish sentiment pose risks. The entry of Chinese investors in the Year of the Dragon adds optimism, but market factors could dampen the rally.
