For BTC, ETH, and XRP, a price of 60,000 BTC would still provide a solid chance to purchase
Even if Bitcoin's price drops to $60,000 more, the optimistic argument would still stand.
The price of Ethereum can fall by 10% if Bitcoin's downturn continues.
The next step up for ripple might come after a 7% decline to $0.5740.
Over $530 million worth of cryptocurrency has been liquidated as a result of the recent price drop of Bitcoin (BTC) and other cryptocurrencies. Late bulls should take advantage of the present drop to purchase before the next upswing, but overall, the thesis is still optimistic.
Can we expect Bitcoin's price to drop to $60,000 soon?
Since November 2021, when it was first mentioned, the possibility for Bitcoin's price to rise over $69,000 has been constrained. In the midst of a Relative Strength Index (RSI) dive, which indicates momentum is declining, technical indicators point to a further decline.
A strong bearish sentiment is pervasive in the Bitcoin market as shown by the flashing green histogram bars of the Awesome Oscillator (AO). Also, the decline is becoming stronger, as shown by the volume indicator, which is displaying enormous red bars. $BTC
There is still a chance that Bitcoin's price may continue to decline, giving investors a chance to purchase cheap before a big upswing just before the BTC halving. Cryptomanran, an X trader and analyst, says, "A 20% or 30% dip would be completely normal and healthy in a bull market, especially a month before the halving."
Even more so in the month leading up to the half, a 20%/30% decline would be quite reasonable and beneficial in a bull market.
It would be a tremendous purchasing opportunity if we could go as low as $55,000 or $60,000.
I haven't made a hasty purchase just yet...
However, investors are advised to independently investigate the matter. But worst-case scenario: Bitcoin price falls below $60,000 psychological barrier, triggering a liquidity grab to the low of around $59,005 from March 5.
The price of Bitcoin, on the other hand, has the potential to rebound if bulls continue to purchase BTC at the present price. A candlestick closure over $64,044—the mean threshold of the supply zone between $71,290 and $73,193—will confirm the rally for investors. If this were to happen, Bitcoin's price would be able to easily recover the $70,000 psychological barrier, or perhaps go higher, surpassing the $73,777 peak on its way to a new all-time high.
When Bitcoin's value declines, Ethereum's price follows suit.
Despite expectations that the recent Dencun Upgrade would have a favorable fundamental influence on the price of Ethereum, the price has fallen precipitously, following BTC's lead. Ethereum price may continue its decline to hit the $3,527 support level as negative technical indicators emerge.$ETH
Ethereum price might go as low as $3,200, a 12% decline from its present price, if the previously stated level does not act as support. This could happen if buyer congestion levels are not addressed.
On the other side, Ethereum price might rebound if bulls re-enter the market. With a big surge in positive momentum, the tough opposition owing to the equal lows of $3,722 might be turned into support, increasing the prospects of sustaining the uptrend. Ethereum price might surge to the $4,093 level if this trend continues.
Potential 7% Decrease in Ripple Price
Following a high of $0.7440 on March 11, the price of ripple has fallen 15%. In the face of waning support and a strengthening decline, the price of XRP can drop another 7% to $0.5740 before turning around.
But if this level doesn't hold, the price of ripple might fall all the way to the $0.5368 support level, giving bulls another chance to purchase. $XRP
However, Ripple price might go in the other way if bullish momentum becomes stronger. The current tendency for XRP price to break out of the $0.7500 zone would be revived if it were to break over the $0.700 psychological threshold, which would encourage additional purchase orders.
Ripple pricing has the potential to hit the $0.8000 psychological threshold in an extremely optimistic scenario. A 27% increase over the present would be shown by such a change.
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