Bitcoin, Ethereum and XRP Prices: Can We See a Post-Halving Rally Next Week?
The fourth halving comes at a rather wrong turn for the global market, as the event is known for creating bull runs.
With the US market at a fragile stage and the Iran-Israel conflict causing panic, the crypto market is struggling for a bull run. However, given the confidence that buyers are gaining after the halving, the crypto market could see a strong rally next week.
So, with the crypto market at a critical stage and expectations growing, will the bulls make a comeback next week? How will this affect top tokens like Bitcoin, Ethereum and XRP?
Will Bitcoin Make a Comeback?
Bitcoin prices rose slightly on Saturday after the halving, and while demand pressure at the psychological $60,000 level remains intact, the daily chart shows that the sideways trend is continuing.
For more than two months, BTC price has been trading sideways between the two levels of $73,850 and $60,000. The consolidation comes after a notable rally from late January to mid-March, which revealed the formation of a bullish flag pattern. In theory,
💰qun秆👍玮：1983211157This pattern provides a rest period for buyers to recover the exhausted bullish momentum. Amid Bitcoin’s resilience to intermediate geopolitical tensions, buyers lifted Bitcoin 7% from the $60,000 support level. In the post-halving rally, Bitcoin price could break above the pattern’s upper trendline as a signal of uptrend continuation. If the pattern holds, buyers could lead a rally to $85,000 and then $95,000.
Will Ethereum Ignite the Next Altcoin Season?
Ethereum, the second-largest cryptocurrency by market cap, has been steadily correcting since mid-March. The formation of new highs and new lows suggests that the recent sentiment has turned bearish as traders sell on bullish rallies. From the top of $4,090, ETH price plummeted 25% to a low of $3,050. In the current market consolidation, if supply pressure persists, ETH price could fall another 8% before hitting the emerging support trendline from October 2023 intact.
ETH price shows a history of bullish reversals from this dynamic support level. Hence, this suggests that buyers continue to accumulate the asset as the market declines. Hence, a potential rebound would accelerate buying pressure and support Ethereum buyers chasing potential targets of $3,730 and subsequently $4,090.
Can XRP price deliver meaningful moves?
XRP, the native cryptocurrency on the Ripple network, has been an underperformer so far in 2024. During the recent market sell-off on April 13, triggered by Iran’s attack on Israel, XRP price saw significant outflows and dropped to a low below January 2024 at $0.485. In the recent downturn, XRP price broke below a 16-month support trendline. This breakdown was difficult to follow as the broader market sentiment was bullish due to the recent Bitcoin halving.
If XRP price revisits the $0.5 level and breaks above the trendline again, sellers will lose their grip on the asset. A failed breakdown could favor buyers and support XRP price to move back above $0.56 with a target of $1.
What’s next for Bitcoin, Ethereum, and XRP prices?
After Bitcoin’s halving, the cryptocurrency market has provided a local bottom for most of the top tokens. With Bitcoin rebounding from $60,000, Ethereum and XRP are likely to face demand pressure from below. This indicates a resurgence in recovery sentiment among market participants.
