Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Summertime bull-run a multi-year bear market?

  • Bitcoin price still consolidates below the 200-week simple moving average.
  • Ethereum price finds support on the 8-day simple moving average.
  • Ripple price could be in jeopardy of a death cross event.

The cryptocurrency market is in a historical pivotal moment. One good trade could replenish all losses, while one bad trade could be catastrophic.

Bitcoin price has yet to decide

Bitcoin price is currently trading at $20,727. Investors will likely stay on the sidelines until the peer-to-peer digital currency can hurdle above the 200-week simple moving average (SMA), currently priced at $22,540. 

Bitcoin price has yet to conquer bullish grounds on the Relative Strength Index and lacks volume to justify a valid uptrend. Thus, being an early bull could result in a catastrophic loss. Early bulls should keep their invalidation level above the 200-week moving average to avoid being pulled into a time-consuming consolidation.

The earliest clue to invalidate the bearish trend will be to breach and close above $23,000. If this bullish event occurs, the bulls should have enough strength to rally towards $31,000, resulting in a 55% increase from the current Bitcoin price.

tm/btc/6/28/22

BTC/USDT 1-Day Chart

About the Author

You may also like these