The crypto markets took a hit from the rising CPI data in the U.S., increasing the volatility in the already volatile market. With close relations to the U.S. market, despite being the flag-bearer of decentralization, Bitcoin’s price crumbled this week.
With a sharp 4% fall last night, Bitcoin’s price closed the day at $67,150, recovering from the low of $65,320. The downfall of the market leader sent a bearish ripple through the altcoin sector.
The sell-off wave erased $784 Million in long liquidations this Friday, as per the data from Coinglass.
So, with the bearish prowess growing strong, will the Bitcoin, Ethereum and XRP price trends take a nosedive next week? Or, will the growing anticipations around Bitcoin Halving kickstart a bull run like a phoenix out of its ashes?
Is $100,000 Just A Pipe Dream For Bitcoin?
Amidst the market-wide panic, the BTC price chart shows a massive bearish candle arising from the overhead trendline. This pullback tests the 50D EMA and signals a minor correction within the bullish flag.
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Further, despite the sell-off, Bitcoin sustains above the 23.60% Fibonacci level and presents a lower price rejection. Hence, the underlying demand remains significant for Bitcoin.
Hence, as the day of Bitcoin halving comes closer, the chances of a bullish spike are increasing. With this surge, the BTC price could lead to a breakout rally of a flag pattern to prolong the prevailing uptrend.
As per the price levels and the psychological barriers, the biggest crypto could reach the $100,000 mark. However, in the short-term, the coming week could find the bullish surge driving the BTC price higher to $76,000.
Ethereum Under Stress, Tension Grows Over $3,000 Level
With the Bitcoin price under correction, the biggest altcoin shares the heat of increased supply in the market. However, the Ethereum price is sustained above the psychological mark of $3,000, with a long-term projection of a lower price rejection.
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The lower price rejection shows a similar underlying demand to Bitcoin, increasing the reversal chances. However, the 7.50% drop last night closes the ETH price under the broken resistance trendline of a rising channel.
This questions the reversal possibility. Nevertheless, the RSI divergence in the ETH price trend bolsters the possibility of reversal.
Further, as per the trend-based Fibonacci levels, the ETH price could hit the $4,000 mark for a new breakout attempt.
Will The Sleeping Giant Wake Up This April?
With a massive supply dump in Bitcoin and Ethereum, altcoins like Ripple have no other option but to face a similar fate. The XRP token price loses 10% of its market value to fall to $0.54.
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The downfall tests the bullish dominance at the ascending support trendline in action since early 2023. Further, the dynamic resistance in the weekly timeframe fails to provide any significant momentum for a reversal.
Nevertheless, the RSI divergence, coupled with the lower price rejection at the baseline, hints at a stronger comeback. The altcoin could surge this week to break the triangle if the highly anticipated altcoin season arrives with Bitcoin Halving.
As per trend-based Fibonacci levels, the $0.8966 level is a suitable target for the triangle breakout rally.
What’s Next For Bitcoin, Ethereum, and XRP Price?
Despite the sell-off last night, the Bitcoin and altcoins are preparing for a fightback next week. The lower price rejection, prevailing uptrend and the upcoming Halving could boost the market to new heights. Hence, the downfall brings an opportunity to buy blue-chip crypto at a discount.
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