With the crypto market on the cusp of crossing beyond the $2 Trillion mark, the buyers are preparing for the Bitcoin halving boom. However, as Goldmann Sachs predicts the rate cuts coming in the second half of 2024, the bullish rally may lack a bit of a flare.
Nevertheless, with the latest Matrixport prediction expecting the BTC price to reach $63,000 before halving, the chances of a new all-time high for Bitcoin are outrageous.
Amidst the rising chances of a sharp jump, the buzz around Ethereum ETF is driving the uptrend in altcoins. As ETH price dishes near the $3,000 milestone, the whales are hoarding more with a bull-run expectation this year.
With such underlying positive catalysts, let’s look at the technical charts of big coins like Bitcoin, Ethereum, and Ripple.
Will Bitcoin Reach $63,000?
After the formation of a new 52-week high at $53,019, the BTC price took it slow and presented a pullback in the daily chart. With the sellers demanding a retest of $50,000 breakout, the intense drop possibility under the milestone presents itself.
Source: Tradingview
In the daily chart, the high momentum prevailing uptrend displays a rounding bottom breakout. Further, the recent pullback comes post-range breakdown.
With three consecutive bearish candles, the rise in trading volume threatens a sharp fall. Nevertheless, the trend-based Fibonacci levels offer a bounce pad at $49,643, aligning with the 50% level.
Currently, the BTC price trades at $50,947 with an intraday growth of 0.40%, resulting in a positive candle.
Despite the short-term pullback, the intensive prevailing uptrend shines bright and offers a buying the dip spot. The bounce-back rally can result in a new bull run because the buyers sustain dominance at the $49,643 mark.
In such a case, the BTC price can create a new 52-week high well above the $55,000 mark.
Is Ethereum Ready For A Trendline Breakout?
With the Bitcoin price taking a short pause from the bull run, Ethereum fails to surpass the overhead resistance trendline. Despite the growing anticipations of an Ethereum ETF coming this May and the whales hoarding with hopes, the ETH price struggles to shine.
Following the 36% jump from $2,217 with a rounding bottom reversal, the ETH price hits the overhead resistance trendline. As a trendline provides multiple reversals from its inception, the incoming supply results in a new drop.
Source: Tradingview
However, the trend-based Fibonacci levels present a support level of $2,884, resisting an intense drop like Bitcoin. Currently, the ETH price trades at $2,953 with an intraday gain of 1.12%, increasing holders’ hopes.
Considering the uptrend gains momentum, the breakout of $3,065 will increase the possibility of a trendline breakout.
Ripple’s Breakout Rally Lacks Momentum
With the XRP price exiting the downtrend cloud, the trendline breakout marks the unleash of trapped momentum. With this break, the Ripple price retains 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 zone. With lower price rejection, the retest seems successful, but the XRP price trend needs more momentum despite the market racing toward new highs.
Despite this, with an optimistic approach, the retest can result in a bounce back to the $0.64 mark.
