With the success of this Friday's Bitcoin halving, the blockchain completed 840,000 blocks. Additionally, the halving will reduce the mining reward to 3.125 Bitcoins per block. Although this event is known for creating bull markets, the fourth halving would be a rather wrong turn for global markets.
Cryptocurrency markets are struggling to move higher as the US market is at a vulnerable stage and the conflict between Iran and Israel creates ripples of fear. However, given that buyers are gaining confidence after the halving, the crypto market could rise significantly next week.
So, with the crypto market at a pivotal stage and expectations running high, will the bulls bounce back next week? How will this affect top coins like Bitcoin, Ethereum, and XRP?
Find out more with our price analysis for BTC, ETH, and XRP.
Will Bitcoin make a comeback?
Following the Bitcoin halving, BTC price showed a modest increase of 0.36% on Saturday and is currently trading at $64,162. Demand pressure at the $60,000 psychological level is still alive and well, but the daily chart shows continued sideways movement.
trading view
For over two months, BTC price has been trading sideways and resonating between two horizontal levels: $73,850 and $60,000. This consolidation occurred 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 with a break period to regain exhausted bullish momentum. Amid Bitcoin’s resilience to mid-term geopolitical tensions, buyers pushed Bitcoin up 7% from the $60,000 support.
In the post-halving bull market, BTC price may break through the overhead trend line of the pattern as a signal of a continuation of the uptrend. If this pattern holds true, the buyer could move up to $85,000 and then $95,000.
Will Ethereum ignite the next altcoin season?
Ethereum, the second-largest cryptocurrency by market capitalization, has been undergoing a steady correction since mid-March. The formation of new lows and highs signals a bearish shift in near-term sentiment as traders ride the bullish rebound and sell. ETH price fell 25% from a high of $4,090 to a low of $3,050.
trading view
Amid the current market consolidation, ETH price is trading at $3051 with an expected intraday loss of 0.21%. If supply pressure continues, ETH price is poised to fall another 8% before directly hitting the new support trend line since October 2023.
ETH price has shown a history of bullish reversals from this dynamic support. Therefore, it shows that buyers continue to accumulate this asset even during market downturns.
Therefore, a potential pullback would accelerate buying pressure and lead Ethereum buyers to chase potential targets at $3,730 and then $4,090.
Can XRP price make a meaningful move?
XRP, the native cryptocurrency of the Ripple network, has seen poor asset performance so far in 2024. Amid the recent market crash on April 13th due to Iran's attack on Israel, XRP price witnessed a significant outflow and fell below January 2024. Low price is $0.485.
trading view
Amid the recent economic downturn, XRP price has fallen below its 16-month support trend line. Ripple coin is currently trading at $0.514 and is struggling to keep up with this breakdown as overall market sentiment has turned bullish due to the recent Bitcoin halving.
If the new recovery at $0.5 causes the XRP price to cross the trend line again, sellers will lose control over this asset.
A failed breakdown could favor buyers and allow XRP price to regain value above $0.56 and head towards $1.
What will happen to the prices of Bitcoin, Ethereum, and XRP?
In the wake of the Bitcoin halving, most of the top coins in the crypto market are showing local bottom prices. Ethereum and XRP are likely to see demand pressure from below as Bitcoin recovers from $60,000. This shows that market participants are in a recovery mood again.
