Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin jumpstarts the crypto market bullish cycle


  • Bitcoin is on a trajectory to $15,000 after sustaining price action above $14,000, trading at new yearly highs.
  • Ethereum must hold the immediate support at $400 to sustain the uptrend towards $420.
  • Ripple broke out of a descending parallel channel but stalled at the 50 SMA while awaiting another breakout.

The entire world is waiting anxiously for the United States 2020 presidential election’s final result. Joe Biden is leading while Donald Trump, who claimed victory on Wednesday, is trailing with an electoral vote of 214. Cryptocurrencies, especially Bitcoin and Ethereum, rallied amid the tension.

Bitcoin rose to new yearly highs while the largest altcoin stepped above $400. Most of the major cryptocurrencies are in the green, pulled by BTC’s surge to $14,378. The total market capitalization also shot above $400 billion and currently holds at $410 billion. On the other hand, the 24-hour trading volume stands at $960 billion.

Bitcoin bags the US elections rising to new yearly highs

As predicted earlier this week, volatility heightened in the market, allowing Bitcoin bulls to control the price. The largest cryptocurrency built upon support at $13,600 and blasted through the critical level at $14,000. Unlike the first two times when Bitcoin stalled slightly above this level, the bellwether cryptocurrency has sustained an uptrend.

The upswing also elevated Bitcoin above the ascending parallel channel discussed multiple times this week, giving credence to the bullish outlook. The Relative Strength Index (RSI) is yet to reach the overbought region, suggesting that there is room for growth.

For now, BTC/USD is changing hands at $14,375 amid a strengthening bullish grip. Meanwhile, the growing volume hints at a potential rally to $15,000.

BTC/USD price chart

BTC/USD 4-hour chart

Bitcoin bulls must make sure to find support above $14,000 to sustain the uptrend. On the flip side, if a reversal overshoots the crucial $14,000 level, Bitcoin may revisit the next support target at 50 Simple Moving Average (SMA). Other support areas to keep in mind include the 100 SMA and the 200 SMA.

Ethereum price uptrend hits pause

The smart contract token spiked in tandem with Bitcoin, lifting above the descending parallel channel and the stubborn resistance at $400. This called for more buy orders, pushing Ether towards $410. Unfortunately, unexpected seller congestion forced the crypto asset to retreat towards $400.

At the time of writing, Ethereum is changing hands at $402, while buyers work extra hard to defend the immediate support at $400. Price action below this anchor may lead to a breakdown likely to touch $390 and $370, respectively.

ETH/USD price chart

ETH/USD 4-hour chart

It is worth noting that Ethereum is changing hands above all three moving averages; the 50 SMA, 100 SMA and 200 SMA. This means that the crypto is sitting on robust support zones, giving credibility to the bullish optimism. Besides, if bulls defend the critical $400 support, ETH/USD would resume the uptrend targeting $420.

Ripple must break the immediate resistance for a sustained uptrend

XRP followed in the footsteps of Bitcoin and Ethereum, but the 50 SMA constrained its price movements. Intriguingly, the cross-border token had blasted out of a descending parallel channel. However, the momentum was not strong enough to disperse the seller congestion at 0.24.

At the time of writing, the fourth-largest cryptocurrency is trading at $0.239, while selling pressure makes a comeback. If the price slides into the descending channel, a bearish outlook will be validated towards $0.23.

XRP/USD price chart

XRP/USD 4-hour chart

It is worth stating that if Ripple reclaims the ground above the 50 SMA, the bullish narrative would be revitalized. Demand for XRP would also increase, with buyers positioning themselves to take advantage of the run-up to $0.26. Traders must have it in mind that the 100 SMA and the 200 SMA might delay the breakout below $0.25.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP