Crypto markets have been hit by rising CPI data in the United States, increasing volatility in an already volatile market. Closely related to the American market, despite being the standard bearer of decentralization, the price of Bitcoin collapsed this week.
With a sharp 4% decline last night, Bitcoin price closed the day at $67,150, recovering from the low of $65,320. The fall of the market leader caused a bearish ripple in the altcoin sector.
The wave of selling wiped out $784 million in long liquidations this Friday, according to Coinglass data.
So, with the strong downtrend, will Bitcoin, Ethereum and XRP price trends take a dive next week? Or, will the growing anticipations surrounding the Bitcoin halving reignite a bull that will rise like a phoenix from the ashes?
Is $100,000 just a pipe dream for Bitcoin?
Amid the market-wide panic, the BTC price chart shows a huge bearish candle arising from the overhead trendline. This pullback tests the 50D EMA and signals a minor correction within the bull flag.
Commercial view
Additionally, despite the sell-off, Bitcoin is holding above the 23.60% Fibonacci level and exhibiting lower price rejection. Underlying demand therefore remains significant for Bitcoin.
Therefore, as Bitcoin halving day approaches, the chances of a bullish spike increase. With this rise, BTC price could lead to a rally in the event of a flag to extend the current uptrend.
Depending on price levels and psychological barriers, the largest crypto could reach the $100,000 mark. However, in the short term, the coming week could see a bullish surge pushing BTC price up to $76,000.
Ethereum under stress, tension exceeds $3,000 level
With the price of Bitcoin correcting, the largest altcoin is sharing the heat of increasing supply in the market. However, Ethereum price is holding above the psychological $3,000 mark, with a long-term projection of a lower price rejection.
Commercial view
Rejecting the lower price shows similar underlying demand as Bitcoin, increasing the chances of a reversal. However, last night’s 7.50% decline closes ETH price below the broken resistance trendline of an ascending channel.
This calls into question the possibility of a reversal. Nonetheless, the RSI divergence in the ETH price trend strengthens the possibility of a reversal.
Moreover, according to the trend-based Fibonacci levels, ETH price could reach the $4,000 mark for another breakout attempt.
Will the sleeping giant wake up in April?
With a massive drop in the supply of Bitcoin and Ethereum, altcoins like Ripple have no choice but to face a similar fate. The price of the XRP token loses 10% of its market value to fall to $0.54.
Commercial view
The fall tests the bullish dominance on the ascending support trendline in action since early 2023. Additionally, dynamic resistance on the weekly time frame fails to provide significant momentum for a reversal.
Nonetheless, the RSI divergence, coupled with the weaker price rejection at the reference level, portends a stronger return. The altcoin could rise this week to break the triangle if the highly anticipated altcoin season arrives with Bitcoin Halving.
According to the trend-based Fibonacci levels, the $0.8966 level is a suitable target for the rally in case the triangle breaks out.
What’s next for Bitcoin, Ethereum and XRP prices?
Despite last night’s sell-off, Bitcoin and altcoins are bracing for a fightback next week. Decreasing price rejection, prevailing uptrend, and upcoming halving could propel the market to new highs. Therefore, the fall provides an opportunity to buy top cryptocurrencies at a discount.
