Buyers are preparing for a Bitcoin halving boom as the cryptocurrency market surpasses $2 trillion. However, the bullish rally may lack some spark as Goldman Sachs predicts a rate cut in the second half of 2024.
Nonetheless, the latest Matrixport forecast predicts the BTC price will reach $63,000 before the halving, making the odds of Bitcoin hitting a new all-time high seem absurd.
As the possibility of a rapid rise increases, rumors surrounding the Ethereum ETF are leading the rise of altcoins. With ETH price nearing $3,000, whales are stockpiling more in anticipation of an uptick this year.
With these underlying positive catalysts, let’s take a look at the technical charts of large coins like Bitcoin, Ethereum, and Ripple.
Will Bitcoin Reach $63,000?
After making a new 52-week high at $53,019, BTC price slowed to a downward trend on the daily chart. The potential for an intense downside appears below that milestone, with sellers calling for a retest of the $50,000 breakout.
Source: TradingView
The daily chart shows a round bottom breakout with high momentum prevailing in an uptrend. Additionally, the recent downtrend comes as a post-range breakdown.
The rising volume threatens a sharp decline as the candles break for three consecutive downtrends. Nonetheless, the trend-based Fibonacci level provides a bounce pad of $49,643, which coincides with the 50% level.
Currently, BTC price is trading at $50,947, up 0.40% intraday, showing a positive candle.
Despite the short-term decline, a concentrated uptrend shines brightly, providing an opportunity to buy dip spots. A rebound rally could lead to a new bull market as buyers maintain control around the $49,643 level.
In this case, the BTC price could create a new 52-week high well above $55,000.
Is Ethereum ready to break the trend line?
As Bitcoin price paused in its bull market, Ethereum failed to break above its overhead resistance trend line. Despite growing expectations and hopeful whales for the upcoming Ethereum ETF launching this May, the price of ETH is struggling to shine.
After jumping 36% at $2,217 via a round bottom reversal, ETH price reached the indirect resistance trendline. The trend line offers multiple reversals from the start, causing new declines to occur due to incoming supply.
Source: TradingView
However, trend-based Fibonacci levels suggest a support level of $2,884 that resists a sharp decline like Bitcoin. Currently, the price of ETH is trading at $2,953, up 1.12% during the day, raising expectations among holders.
Considering the uptrend is gaining momentum, a break of $3,065 would increase the chances of a trendline breakout.
Ripple’s breakout rally lacks momentum.
As XRP price breaks out of its bearish cloud, a breakout of the trendline signals the release of pent-up momentum. With this break, Ripple price remains at the $0.50 mark to test $0.58.
Source: TradingView
However, the bullish trend shows a double top reversal to retest the $0.5381 demand area. The retest appears to have been successful as the price rejection rate is lower, but the XRP price trend needs more momentum despite the market racing towards new highs.
Nonetheless, an optimistic approach could lead to a retest back to the $0.64 level.