Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC gains strength as GBTC outflows shrink

Bitcoin price could make a move on the $43,750 barrier.
Ethereum price risks a 5% drop as technical indicators for ETH show weakness.
Ripple price could fall 7% to October lows as XRP consolidates within a bearish technical formation.
Bitcoin (BTC) price is showing strength again amid waning selling pressure from Grayscale Bitcoin Trust (GBTC) redemptions. The sentiment is yet to be reflected among altcoins, however, as Ethereum (ETH) and Ripple (XRP) prices still struggle amid a choppy altcoin market.

Also Read: Bitcoin Weekly Forecast: BTC price remains indecisive despite strong fundamentals

Bitcoin price finds strength as GBTC selling pressure wanes
Bitcoin (BTC) price is trading with a bullish bias, consolidating along an ascending trendline for the past week. It had fallen below critical support just a few weeks ago, slipping beneath the ascending bottom trendline in the aftermath of GBTC redemptions.
The king of cryptocurrency has found strength as GBTC outflows shrink. Specifically, GBTC selling pressure is almost over, moving from $1.8 billion to less than $200 million per day now.
Besides reducing outflows, the sales are being absorbed easily, with Bitfinex whales scooping up the $39,000 bottom in Bitcoin price as they bought over 7,000 BTC of spot. The absorption is also seen with growing limit bids on Coinbase.

Bitcoin price could restore above the $43,750 support, flipping the major ascending trendline into support.

In a highly bullish case, Bitcoin price could extend to $48,000, or a neck higher to $50,000, 15% above current levels.

The Relative Strength Index (RSI) is above the 50 midline, while the Moving Average Convergence Divergence (MACD) indicator is moving above its signal line (orange band). The position of the MACD and the Awesome Oscillator (AO) in positive territory tilts the odds further in favor of the upside.
On the flipside, if traders book profits for the ground covered so far, Bitcoin price could drop, losing support due the minor ascending trendline. This could see BTC test the $40,726 support, or confirm the downtrend by breaching below the midline of the demand zone at $39,196.

Also Read: Bitcoin price recovers as on-chain metrics point at potential BTC rally

Ethereum price likely to fall 5%
Ethereum (ETH) price, like Bitcoin, is trading along a minor ascending trendline. However, for its case, the technical indicators are bearish, with the RSI below 50 and the MACD and AO in negative territory.

With the odds favoring the downside, Ethereum price could fall 5% to the $2,200 level, or in a dire case, into the demand zone between $2,059 and $2,118
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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC gains strength as GBTC outflows shrink
CRYPTOS | 02/02/2024 19:00:00 GMT
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Bitcoin price could make a move on the $43,750 barrier.
Ethereum price risks a 5% drop as technical indicators for ETH show weakness.
Ripple price could fall 7% to October lows as XRP consolidates within a bearish technical formation.
Bitcoin (BTC) price is showing strength again amid waning selling pressure from Grayscale Bitcoin Trust (GBTC) redemptions. The sentiment is yet to be reflected among altcoins, however, as Ethereum (ETH) and Ripple (XRP) prices still struggle amid a choppy altcoin market.

Also Read: Bitcoin Weekly Forecast: BTC price remains indecisive despite strong fundamentals

Bitcoin price finds strength as GBTC selling pressure wanes
Bitcoin (BTC) price is trading with a bullish bias, consolidating along an ascending trendline for the past week. It had fallen below critical support just a few weeks ago, slipping beneath the ascending bottom trendline in the aftermath of GBTC redemptions.


The king of cryptocurrency has found strength as GBTC outflows shrink. Specifically, GBTC selling pressure is almost over, moving from $1.8 billion to less than $200 million per day now.



GBTC outflows

Besides reducing outflows, the sales are being absorbed easily, with Bitfinex whales scooping up the $39,000 bottom in Bitcoin price as they bought over 7,000 BTC of spot. The absorption is also seen with growing limit bids on Coinbase.

Bitcoin price could restore above the $43,750 support, flipping the major ascending trendline into support.

In a highly bullish case, Bitcoin price could extend to $48,000, or a neck higher to $50,000, 15% above current levels.

The Relative Strength Index (RSI) is above the 50 midline, while the Moving Average Convergence Divergence (MACD) indicator is moving above its signal line (orange band). The position of the MACD and the Awesome Oscillator (AO) in positive territory tilts the odds further in favor of the upside.



BTC/USDT 1-day chart

On the flipside, if traders book profits for the ground covered so far, Bitcoin price could drop, losing support due the minor ascending trendline. This could see BTC test the $40,726 support, or confirm the downtrend by breaching below the midline of the demand zone at $39,196.

Also Read: Bitcoin price recovers as on-chain metrics point at potential BTC rally

Ethereum price likely to fall 5%
Ethereum (ETH) price, like Bitcoin, is trading along a minor ascending trendline. However, for its case, the technical indicators are bearish, with the RSI below 50 and the MACD and AO in negative territory.

With the odds favoring the downside, Ethereum price could fall 5% to the $2,200 level, or in a dire case, into the demand zone between $2,059 and $2,118.



ETH/USDT 1-day chart

Conversely, a reentry by the bulls could see Bitcoin price foray back into the ascending channel by flipping the $2,388 blockade into support. This could set the path for a move north, with ETH reclaiming the range high of $2,717 in a highly bullish case.

Also Read: Ethereum monthly transaction count climbs to highest level since July 2022

Ripple price risks 7% fall
Ripple (XRP) price could fall 7% to the $0.4734 support with growing overhead pressure due to the confluence between the 50-day and 200-day SMAs at $0.5778 and $0.5817, respectively, as well as the 100-day SMA at $0.6009.

The RSI is also sub-50, below its signal line (yellow band) with the AO and MACD in negative territory. With the price stuck below the mSponsored by

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC gains strength as GBTC outflows shrink
CRYPTOS | 02/02/2024 19:00:00 GMT
Share:
Share on Twitter
Share on Facebook
Copy to clipboard
Bitcoin price could make a move on the $43,750 barrier.
Ethereum price risks a 5% drop as technical indicators for ETH show weakness.
Ripple price could fall 7% to October lows as XRP consolidates within a bearish technical formation.
Bitcoin (BTC) price is showing strength again amid waning selling pressure from Grayscale Bitcoin Trust (GBTC) redemptions. The sentiment is yet to be reflected among altcoins, however, as Ethereum (ETH) and Ripple (XRP) prices still struggle amid a choppy altcoin market.

Also Read: Bitcoin Weekly Forecast: BTC price remains indecisive despite strong fundamentals

Bitcoin price finds strength as GBTC selling pressure wanes
Bitcoin (BTC) price is trading with a bullish bias, consolidating along an ascending trendline for the past week. It had fallen below critical support just a few weeks ago, slipping beneath the ascending bottom trendline in the aftermath of GBTC redemptions.


The king of cryptocurrency has found strength as GBTC outflows shrink. Specifically, GBTC selling pressure is almost over, moving from $1.8 billion to less than $200 million per day now.



GBTC outflows

Besides reducing outflows, the sales are being absorbed easily, with Bitfinex whales scooping up the $39,000 bottom in Bitcoin price as they bought over 7,000 BTC of spot. The absorption is also seen with growing limit bids on Coinbase.

Bitcoin price could restore above the $43,750 support, flipping the major ascending trendline into support.

In a highly bullish case, Bitcoin price could extend to $48,000, or a neck higher to $50,000, 15% above current levels.

The Relative Strength Index (RSI) is above the 50 midline, while the Moving Average Convergence Divergence (MACD) indicator is moving above its signal line (orange band). The position of the MACD and the Awesome Oscillator (AO) in positive territory tilts the odds further in favor of the upside.



BTC/USDT 1-day chart

On the flipside, if traders book profits for the ground covered so far, Bitcoin price could drop, losing support due the minor ascending trendline. This could see BTC test the $40,726 support, or confirm the downtrend by breaching below the midline of the demand zone at $39,196.

Also Read: Bitcoin price recovers as on-chain metrics point at potential BTC rally

Ethereum price likely to fall 5%
Ethereum (ETH) price, like Bitcoin, is trading along a minor ascending trendline. However, for its case, the technical indicators are bearish, with the RSI below 50 and the MACD and AO in negative territory.

With the odds favoring the downside, Ethereum price could fall 5% to the $2,200 level, or in a dire case, into the demand zone between $2,059 and $2,118.



ETH/USDT 1-day chart

Conversely, a reentry by the bulls could see Bitcoin price foray back into the ascending channel by flipping the $2,388 blockade into support. This could set the path for a move north, with ETH reclaiming the range high of $2,717 in a highly bullish case.

Also Read: Ethereum monthly transaction count climbs to highest level since July 2022

Ripple price risks 7% fall
Ripple (XRP) price could fall 7% to the $0.4734 support with growing overhead pressure due to the confluence between the 50-day and 200-day SMAs at $0.5778 and $0.5817, respectively, as well as the 100-day SMA at $0.6009.

The RSI is also sub-50, below its signal line (yellow band) with the AO and MACD in negative territory. With the price stuck below the midline of the channel, the downside potential is gaining strengthidline of the channel, the downside potential is gaining strength

Conversely, traders buying the dip could send Ripple price north, but the bearish thesis would only be invalidated if XRP records a decisive daily candlestick close above $0.6421. This would set the tone for an extension to the $0.7000 psychological level, 40% above current levels.

Also Read: XRP price slumps despite Ripple’s FOMO Pay announcing link between Asia and Africa
MATIC price climbs ahead of Etrog upgrade mainnet release
CRYPTOS | 02/05/2024 10:57:39 GMT
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Polygon announced its Etrog mainnet upgrade for release on February 6.
The upgrade will transform the chain to Type 2 zk-EVM, allowing developers to deploy code directly to the chain.
MATIC supply on exchanges has declined in the past three weeks, paving way for Polygon’s native token’s price rally.
MATIC price could rally nearly 16% towards its $0.9153 target.
MATIC, the native token of Ethereum’s largest scaling solution has plans to rollout the Etrog mainnet upgrade on Tuesday, February 6. This upgrade is key for MATIC holders as it will transform Polygon’s blockchain to a Type 2 zk-EVM that allows developers to deploy their code directly on the chain, just as they would, on Ethereum, with no further modifications.

Also read: XRP price consolidates leading up to crucial date in SEC vs. Ripple legal battle

Polygon gears up for Etrog mainnet release on February 6
Polygon has plans to transform its zero-knowledge Ethereum Virtual Machine (zk-EVM) network into a Type 2 zk-EVM. The difference is that the upgrade will simplify the process for developers to deploy their code on Polygon, attracting more protocols to the chain and boosting its utility.

Developers can just copy-paste their code exactly as it is on Ethereum, with no further modifications, for the Polygon blockchain. This is a key development and goes live on February 6.

As the release draws close, MATIC price slightly climbed, 1% on the day.

On-chain metrics signal bullish potential in MATIC
MATIC Supply on Exchanges has declined between January 19 and February 4, as seen on Santiment. A reduction in exchange supply typically reduces selling pressure on the asset and paves way for a recovery in its price.
Whale Transactions valued at $100,000 and higher have declined in MATIC, in the same timeframe. Whale Transaction spikes coincided with Network Realized Profits/Losses, signaling profit-taking by large wallet investors in MATIC. The drop in Whale Transaction Count combined with reduced profit-taking is supportive of MATIC price growth.

MATIC price likely to rally 16%
MATIC price climbed 122% between October 12 and December 27. The asset faced a rejection from the $1.0930 peak in December. Since then, MATIC price has been in a downward trend, forming lower highs and lower lows.

MATIC is currently trading below the bullish imbalance zone that stretches from $0.7884 to $0.7949. This zone currently holds as resistance and the altcoin is poised to see a trend reversal if a daily candlestick close occurs past the bullish imbalance zone.

The Relative Strength Index (RSI) climbed slightly from 45.08 to 46.35 in the past 24 hours. The uptick in RSI points to likely recovery on the daily timeframe.
Similarly, the histogram bars of the Moving Average Convergence Divergence (MACD) are flashing green. Bulls are likely in control. The bars of the Awesome Oscillator (AO) signal a trend reversal is likely underway and the next target for MATIC price is the 38.2% Fibonacci Retracement of the token’s decline from February 18, 2023 top of $1.5675 to June 10, 2023 low of $0.5121, at $0.9153, a nearly 16% rally from the current price.