With the crypto industry market cap at $2.31 trillion and 24-hour volume at $134 billion, the bulls are in full control of the trend. Additionally, the most dominant cryptocurrency, Bitcoin, reflects a strong trend reversal with a 52% share and a new 52W high of $64,000.
The rising inflows of US-listed Bitcoin spot ETFs are the main driver of the uptrend and are triggering the uptrend. Despite the significant outflows from the GBTC spike, inflows into the other nine are driving the momentum.
With increasing interest from institutional investors and the upcoming altcoin season, the bull market is still in its early stages. Let’s look at the price analysis of the top coins like Bitcoin, Ethereum, and Ripple to find out if they will skyrocket this week.
Will Bitcoin cross $69,000?
After forming a new 52-week high at $64,000, BTC price creates a huge bullish candle on the weekly chart. As buying pressure increases, the increase in trading volume reinforces the ongoing uptrend.
Source: Tradingview
On the weekly chart, BTC price analysis shows a breakout of the inverse head and shoulders pattern. The breakout rally peaks at $64,000 and promises a continuation of the uptrend.
According to the Fibonacci levels, Bitcoin price is poised to challenge the 100% Fib level and start a breakout run to a new all-time high. With this breakout rally, buyers expect Bitcoin price to surpass $69,000.
Currently, BTC price is trading at $61,994, with an intraday growth of 0.64% as buyers take a break over the weekend. In the event of a breakout, the Fibonacci levels represent $95,952 or the .618 Fibonacci level as the next target. However, bulls could find a potential top near $71,500 next week.
Will Ethereum Fuel a New Bull Run to $4,400?
As Bitcoin price crosses $60,000, bullish sentiment among altcoins is surging this week. Additionally, whales’ growing expectations for an Ethereum ETF are leading to increased whale inventory.
Additionally, the recent ETH price increase of 52% over the last four weeks resulted in huge bullish candles on the weekly chart.
Source: Tradingview
According to ETH price analysis, the bullish reversal suggests a round breakout to the downside with a neckline at $3,500. Currently, Ether is trading at $3,431, with an intraday move of 1.85% upside.
Considering buyers manage a breakout next week, Ethereum's bull run could peak at $3,872 according to Fibonacci levels.
Ripple triangle breakout ready to ignite
As XRP price forms a lower high throughout the week, the ongoing trend reversal is likely to change the trend. As trend momentum increases with the upcoming altcoin season, XRP price is poised for a breakout rally.
Source: Tradingview
The formation of a triangle pattern on the weekly chart is coming to an end and heralds a bullish breakout. Currently, XRP price is $0.63113, yielding a weekly return of 16.38%.
As this bullish candle is set for a breakout run, Ripple is poised to break the 23.60% Fibonacci level. In the event of a successful escape, XRP price could reach the 50% Fib level at $0.93 next week.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.