With the crypto market making a comeback, the hopes of an Uptober rally are growing strong among investors. As Bitcoin crosses $63K, Ethereum and XRP prices are ready to prepare for a bullish week ahead!
With the high hopes of a massive surge in Q4 2024, this week will be crucial for the future price trend in BTC, ETH, and XRP. So, let’s analyze these cryptos’ price trends and figure out the bull run chances.
Bitcoin Breakout Eyes $85K
With a bullish recovery from the 200-day EMA, the BTC price is recovering from the recent crash amid the global market tensions. Following a crash from $65,000 to the psychological mark of $60,000 near the 200-day EMA, the BTC price reclaims the $63,000 mark.
Currently, the recovery run challenges the 50% Fibonacci level at $63,847. Furthermore, the BTC price action reveals a V-shaped recovery. As the recovery rally forms a lower-high formation, the short-term uptrend shows another possibility of a bullish challenge to the overhead trend line.
The overhead trend line completes the channel pattern of a broader bullish flag in the daily chart. A bullish breakout of the high-supply resistance trend line will likely scale BTC to its all-time high of $73,794. Further, the potential price targets based on Fibonacci levels are at $85,832 and $105,497 for the Uptober rally and Q4 2024.
On the flip side, the crucial support for BTC is solid at $60,000 and $57,000.
Keen on stacking some Bitcoin? Get the potential price targets in our BTC Price Prediction.
Will Ethereum (ETH) Price Cross $3,000?
Amid the BTC recovery, the Ethereum price forms a morning star pattern to regain the short-term bullish trend. Furthermore, the biggest altcoin forms a local support trendline and has increased by almost 6% in five days.
However, unlike Bitcoin, the ETH price is trading below its 200-day EMA and 50-day EMA. Currently, it is trading at $2,486 with an intraday gain of 1.91%, creating the fourth consecutive bullish candle.
The recovery run is ready to challenge the 23.60% Fibonacci level, coinciding with the 50-day EMA. The resistance confluence stands near $2,582. Despite the bearish alignment of the 50-day and 200-day EMA, the ongoing recovery teases a bullish crossover in the MACD and signal lines.
Based on the Fibonacci levels, a bullish breakout is likely to challenge the 50% Fibonacci level at $3,103. this Uptober season!
XRP Targets $0.61
Today, October 7, marks the deadline for the SEC appeal in the XRP lawsuit, which is unlikely to happen now, but it is at a crossroads. With the rising anticipations of no appeal among the XRP holders, the XRP token is making a bullish reversal.
Amid the broader market correction, the XRP price took a quick plunge from its peak of $0.66582, failing to cross the overhead trendline and dropping to the psychological mark of $0.50.
However, the local support trendline holds the price near the $0.51 mark and is now leading to a bullish reversal. Currently, the XRP price is trading at $0.54151, with an intraday gain of 1.53%. Despite the bullish alignment of the 50-day and 200-day EMA, the massive correction in the XRP price teases a death cross event.
Based on the Fibonacci levels, the Uptober rally price targets for XRP stands at 38.20% and 50% levels at $0.57 and $0.61, respectively.
