With the successful Bitcoin Halving this Friday, the blockchain completes 840,000 blocks. Further, the halving reduces the mining reward to 3.125 Bitcoin per block. As the event is known for creating bull markets, the fourth halving comes at a rather wrong turn in global markets.
As the U.S. markets stand at a vulnerable stage and the Iran-Israel conflict creates ripples of fear, the crypto market struggles for a bull run. However, considering the buyers gain confidence post-halving, the crypto market might witness a strong jump next week.
So, with the crypto market at a pivotal stage and growing anticipations, will bulls make a comeback next week? How is this going to affect top coins like Bitcoin, Ethereum and XRP?
Let’s find out more in our BTC, ETH, and XRP price analysis.
Will Bitcoin Make a Comeback?
Following the Bitcoin-halving, the BTC price showed a modest uptick of 0.36% on Saturday to currently trade at $64162. While the demand pressure at $60000 psychological level is still intact, the daily indicates the continuation of sideways action.
For over two months, the BTC price has been trading sideways resonating between the two horizontal levels of $73850 and $60000. The consolidation came after a notable rally from late January to Mid-March, which revealed the formation of a bullish flag pattern.
In theory, this pattern provides buyers a break period to recuperate their exhausted bullish momentum. Amid the Bitcoin’s resilience to geopolitical tension in the middle, the buyers uplifted the coin from 7% from the $60000 support.
Amid the post-halving rally, the BTC price could breach the pattern’s overhead trendline as a signal of uptrend continuation. If the pattern holds true, the buyers may lead a rally to $85000 followed by $95000.
Will Ethereum Ignite The Next Altcoin Season?
Ethereum, the second-largest cryptocurrency by market cap, has been under a steady correction since mid-March. The formation of a new lower high and low indicates the near-term sentiment has shifted bearish as the traders are selling on bullish bounce. From the top of $4090, the ETH price plunged 25% to hit a low of $3050.
Amid the current market consolidation, the ETH price is trading at $3051, projecting an intraday loss of 0.21%. If the supply pressure persists, the ETH price is poised for another 8% drop before hitting an emerging support trendline intact since October 2023.
The ETH price shows a history of bullish reversal from this dynamic support. Thus, it indicates the buyers continue to accumulate this asset at market dips.
Thus, a potential rebound will accelerate the buying pressure and bolster Ethereum buyers to chase a potential target of $3730, followed by $4090.
Can XRP Price Give A Meaningful Move?
XRP, the native cryptocurrency on the Ripple network, has been an underperforming asset so far in 2024. Amid the recent market sell-off on April 13, attributed to Iran’s attack on Israel, the XRP price witnessed a major outflow and plunged below Jan 2024 low of $0.485.
Amid the recent downturn, the XRP price plunged below a 16-month-long support trendline. The Ripple coin currently trades at $0.514, struggling to follow this breakdown as broader market sentiment is bullish with recent Bitcoin Halving.
If the renewed recovery at $0.5 pushed the XRP price above the breached trendline again, the sellers will lose their grip over this asset.
The failed breakdown may favour buyers and bolster XRP price to regain value above $0.56 and aim for $1.
What’s Next For Bitcoin, Ethereum, and XRP Price?
Following the Bitcoin halving, the cryptocurrency market offers local bottoms for the majority of top coins. With Bitcoin bouncing back from $60000, Ethereum and XRP are likely to witness demand pressure from below. This indicates a renewed recovery sentiment among market participants.
