Bitcoin (BTC) price is nurturing a potential rally on top of lifeline support. The bullish outlook comes ahead of the Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium. Major altcoins like Ethereum price and XRP price highlight immense potential, however, the lack of support could delay their breakout. Meanwhile, Avalanche (AVAX), Near Protocol (NEAR), and Bittensor (TAO) beamed with modest gains of 11%, 7%, and 9.5%, respectively.
Bitcoin Price Considers Triangle Breakout
Bitcoin price hovered at $60,840 as attention turned to Powell’s speech at the Jackson Hole meeting in Wyoming. Investors anticipate the speech will touch on the expected rate cuts and the economic policy in general, especially after the downward revision of nonfarm payrolls, which signaled a weakening labor market. Rate cuts will buoy risk markets by allowing the return of liquidity. Hence, BTC price could gain momentum, beating the $62,000 resistance to prop a major run toward $70,000.
Technically, Bitcoin price appears ready for the move courtesy of the formation of an ascending triangle pattern. If validated by breaching the x-axis resistance at $61,664, a 13% leg up may follow to $69,700. A move like this would ignite FOMO, and with the anticipated liquidity, Bitcoin may soon reach a new all-time high.
According to this Bitcoin price forecast, bulls must affirm their grip by keeping Bitcoin above the 20-day, 50-day, and 200-day EMAs. Due to unmet expectations, trading below these key levels may attract a fresh round of sell orders. Below the ascending trend line, declines may accelerate to $56,000 and even $54,000.
Ethereum Price Upholds Sideways Movement
Ethereum continued with sideways price action between the demand area as illustrated—above $2,500 and the supply area below $2,800. Its short-term support, around $2,600, reinforced by the 20-day and 50-day EMAs, points to a potential bullish outcome.
The Moving Average Convergence Divergence (MACD) indicator leans on the bullish side, flaunting a buy signal and adding credibility to the uptrend. A breach of the upper range limit is required to break ETH price out of the consolidation phase and advance to $3,000.
As per Ethereum price prediction, a breakout could occur on either side of the demand and supply areas. The downtrend may continue if ETH ETFs continue to experience outflows.
SoSoValue recorded $874.61k net withdrawals on Thursday, culminating in a total net outflow of $458.95 million. Although the margin of outflows has narrowed, their persistence affects general sentiment.
XRP Price Set For Explosive Rally
XRP price is a step away from a new bullish phase. It sits above the 20-day EMA support at $0.5961 as bulls push against $0.6 resistance. The Money Flow Index (MFI) reversal at 37 suggests that traders are closing their short positions and gradually shifting to long positions. Increased upside action will occur as the MFI flips the 50 midline level, advancing to the overbought region.
The cross-border token’s bullish thesis will face the ultimate litmus test between $0.6 and $0.62. In a recent attempt, XRP price topped out at $0.62, dropping to $0.55 afterward. Bulls could find leeway to push to $0.7 and significantly close the gap to $1 if successful.
Traders should keenly follow XRP movement around $0.6 resistance and the immediate support at the 20-day EMA. The MFI will uphold another correction if it dips into the oversold region. Other key levels include $0.58, $0.55, and $0.52.
Frequently Asked Questions (FAQs)
The Fed Chair is expected to speak on interest rate cuts and the economic policy.
Markets tend to rally after the symposium; hence, it is normal to expect BTC to rally toward $70,000.
Ethereum continues to hover between the $2,500 and $2,500 range, held down by the lack of liquidity and momentum to rally.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/top-3-bitcoin-ethereum-xrp-price-prediction-btc-rally-brews-ahead-of-feds-powell-speech/
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