As the cryptocurrency market approaches the $2 trillion mark, investors brace for Bitcoin halving fever. However, Goldman Sachs’ forecast and bullish rally predicting Bitcoin’s halving in the second half of 2024 may lack sparkle. The latest predictions from Matrixport indicate that the Bitcoin price may reach $63,000 before the halving, making a new all-time high more likely.Will Bitcoin hit $63,000?
On the technical chart front, Bitcoin price has pulled back slightly after forming a new 52-week high and has yet to retest the $50,000 breakout. The daily chart shows high momentum in the uptrend, and the recent pullback was accompanied by rising trading volume. The current BTC price is at $51,614, indicating a possible intraday upward trend. A short-term pullback is possible, but a dense uptrend provides an opportunity to buy on dips. If buyers maintain dominance at the $50,567 mark, the rebound could lead to a new bull run and BTC price could hit a new 52-week high above $55,000.Is ETH ready for a trendline breakout?
Ethereum failed to break above the overhead resistance trendline as Bitcoin price briefly paused. Despite high hopes and whales’ anticipation for the Ethereum ETF launched in May this year, ETH prices have struggled to shine. ETH price hit the upper resistance trend line after rising 36% and reversing from a round bottom. Trend-based Fibonacci levels show support at $2,871, with ETH price currently at $23,044, showing hope among holders. A move above $3,070 will increase the likelihood of a trendline breakout.
Ripple’s breakout rally lacks momentum
XRP price exits the downtrend cloud, with a trendline break signaling the release of trapped momentum. Despite the price holding on to the $0.50 mark after the breakout and testing $0.58, Ripple price still needs more momentum. The bullish trend shows a double top reversal with a successful retest of the $0.5381 demand area. If optimism in the market continues, a retest could lead to a rally towards the $0.64 mark.
Taken together, Bitcoin and Ethereum have an optimistic outlook and may usher in a new round of bull market. Although Ripple has a breakthrough, the price trend still needs to be observed as market dynamics change.
