Top 3 Price Predictions Bitcoin, Ethereum, Ripple: Cryptocurrency Market Preparing, Awaiting BTC’s Directional Bias | Posted by Sparsh Talati | Coins | February 2024
cryptocurrency
- Bitcoin price continues to consolidate within the $41-$43,000 range for more than a week.
- The price of Ethereum is likely to fall, giving underprivileged buyers the opportunity to accumulate around $2,167 worth of ETH.
- Another sweep is needed before Ripple price rises to $0.532.
Bitcoin (BTC) price does not show any directional bias as it trades within a narrow range. However, investors are seeing volatility in Ethereum (ETH), Ripple (XRP), and other altcoins.
Also read: Bitcoin prices continue to rise as Chinese investors exit the local market in favor of US-focused ETFs.
Bitcoin price action over the past week shows zero volatility. With BTC trading within a range of $41-43,000, investors are expecting a move in either direction. Some predict the pioneering cryptocurrency would need a crash to $34,000 before it can rise higher. Others are taking a contrarian approach, expecting BTC to continue its upward trend while violating its tightening range.
Regardless of which direction the Bitcoin price goes following the breakout, this analysis will focus on the shorter time frame outlook. Key levels investors should pay attention to are:
- Monday’s high was $43,567.
- The lowest price on Monday is $42,229.
- The previous Monday’s low was $41,167.
Using a range-bound trading strategy, if the price sweeps liquidity above/below one of these points, it will move back towards the lower or upper limits of the range, suggesting it will continue to expand the range-bound market.
Looking at the ongoing consolidation, an initial rise to the $43,567 level appears likely, followed by a rise to $41,167.
BTC/USDT 1-hour chart
On the other hand, if bitcoin price A first sweep of the $41,167 support level would allow investors to open a long position targeting $43,567.