Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Sits On The Launchpad To $42,000, As Crypto Bull Cycle Pauses

The cryptocurrency market is a sea of red apart from a few selected altcoins. Ethereum appears to have slowed down the breakout to $3,000 after hitting a new all-time high barrier.

Ripple is stuck in consolidation, as a breakout above $0.3 becomes a pipe dream. On the other hand, Bitcoin is trading slightly under $32,000 while holding firmly to $31,000.

Blockchain, Technology, Smart, Bitcoin, Money

Image Source: Pixabay

The altcoins that have managed to ignore the bearish wave include THETA with 16% in gains over the last 24 hours, Solana up 10% and Decred up 15%.

Bitcoin needs this critical support to jumpstart the uptrend

Bitcoin price is depending on holding the crucial support at $31,000 to restart the uptrend. As covered earlier, holders are hopeful that Bitcoin will lift off again, hence holding longer. Whales with at least 1,000 BTC have increased significantly in January, a bullish signal for the pioneer cryptocurrency.

Meanwhile, BTC is trading at $31,916 amid the push to settle above $32,000. The 200 Simple Moving Average on the 4-hour could absorb some of the selling pressure. Moreover, a break above the stubborn resistance at $34,500 could see the fear of missing out (FOMO) return to the market as investors extend their gaze to $42,000.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

It is worth mentioning that Bitcoin will abandon the coveted recovery if support at $31,000 fails to hold. Similarly, another break under $30,000 could trigger panic selling among investors, as they cash out for profit. Lower support areas are envisaged at $25,000 and $22,000, respectively.

Ethereum’s upswing to $3,000 in jeopardy

Ethereum struggles to hold above $1,300 after the rejection from the all-time high, roughly at $1,481. The 50 Simple Moving Average has reinforced the immediate support on the 4-hour chart.

ETH must defend this support at all costs. Otherwise, an extended breakdown could come into the picture. The 100 SMA is in line to absorb the selling pressure, but the overhead pressure under $1,300 is likely to intensify, pushing ETH to $1,200. Note that Ethereum is not out of the woods yet and could retest areas close to $1,000.

1 2
View single page >> |

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Bitcoin Bandit 1 month ago Member's comment

Nice article, but I don't see 1k for $ETH-X and think with $BITCOMP/$BTC-X options expiring (always negative pressure on price), cme for eth, wider institutional investment, and more hype, I see higher lows being a consistent thing for the intermediate term.