With a market capitalization of the cryptocurrency industry of $2.31 trillion and a 24-hour trading volume of $134 billion, bulls are in complete trend control. Additionally, Bitcoin, the most dominant cryptocurrency, surged 52% to a new 52W high at $64,000, reflecting a high momentum reversal.
Rising inflows into the US-listed Bitcoin spot ETF, a key driver of the bullish turnaround, are fueling the upward trend. Despite significant outflows due to the GBTC surge, inflows to the remaining nine regions are driving the momentum.
The bull market is still in its early stages as institutional investor interest grows and altcoin season approaches. Let’s analyze the prices of major coins such as Bitcoin, Ethereum, and Ripple to see whether they will surge this week.
Will Bitcoin Surpass $69,000?
After making a new 52-week high at $64,000, BTC price creates a huge bullish candle on the weekly chart. As buying pressure builds, the surge in volume reinforces the ongoing uptrend.
Source: TradingView
BTC price analysis on weekly chart shows a breakout of the inverse head and shoulders pattern. The breakout rally peaked at $64,000 and promises a continuation of the uptrend.
As per Fibonacci levels, Bitcoin price is poised to challenge the 100% Fib level and break out towards new all-time highs. With this breakout rally, buyers expect the Bitcoin price to exceed $69,000.
BTC price is currently trading at $61,994, up 0.64% intraday as buyers take a break over the weekend. In case of a breakout, the Fibonacci level suggests $95,952 or the .618 Fib level as the next target. However, bulls could look for a potential higher settlement near $71,500 next week.
Will Ethereum lead a new bull market to $4,400?
Bullish sentiment in altcoins surged this week as the price of Bitcoin crossed the $60,000 barrier. Additionally, as expectations for whales in the Ethereum ETF grow, whale holdings increase.
Moreover, a huge candle has recently appeared on the weekly chart, with the price of ETH surging 52% in the last four weeks.
Source: TradingView
According to ETH price analysis, a bullish reversal portends a breakout of the round bottom in the neckline area of $3,500. Currently, Ethereum is trading at $3,431, up 1.85% intraday.
Considering that buyers manage a breakout next week, the Ethereum bull market could peak at $3,872, depending on Fibonacci levels.
Ripple’s Triangle Breakout Is Ready to Ignite
A continued reversal is set to change the trend as XRP price forms a lower high during the week. As altcoin season approaches, the XRP price is expected to see a breakthrough as trend momentum grows.
Source: TradingView
The formation of a triangle pattern on the weekly chart has concluded and is signaling a bullish breakout. Currently, XRP price is trading at $0.63113 and has a weekly return of 16.38%.
With this bullish candle set for a breakout, Ripple is poised to surpass the 23.60% Fibonacci level. In case of a successful breakout, XRP price could reach the 50% Fib level at $0.93 next week.