Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Hits $65,000 Milestone

Bitcoin, Ethereum, and Ripple have shown notable price movements recently, indicating potential bullish trends in the cryptocurrency market.

Bitcoin (BTC) closed above the daily resistance level of $64,900, with Ethereum (ETH) and Ripple (XRP) also breaking through their respective resistance levels, hinting at an emerging bullish sentiment.

BTC experienced a surge above a descending trendline last Sunday, leading to a 7% rally over the next two days and a close above the daily resistance level of $64,913 by Tuesday. Currently trading slightly higher at $65,622 on Wednesday, this upward momentum often precedes a retracement, offering a potential buying opportunity for investors.

For sideline buyers, positions between the $59,200 and $57,800 levels, where the previously breached trendline resistance acts as support, could be considered. Should BTC maintain its bullish trajectory, a potential 2.5% increase to test the weekly resistance around $67,209 might be on the horizon.

Technical indicators on the daily chart, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) above their neutral levels, strongly suggest a bullish dominance. Surpassing the $67,209 level could lead to a further 7% rise, aiming to retest the daily high of $71,997 from June 7.

Conversely, a close below $56,405 and the formation of a lower low in the daily timeframe could signal sustained bearish sentiment, potentially triggering a 7.5% decline towards the daily support at $52,266.

Ethereum’s price broke above the $3,240 level last Sunday, rallying by 7.36% over the following two days. Currently trading 1% higher at $3,486 on Wednesday, if ETH maintains support above $3,240 and closes above $3,524, a potential 6% increase targeting a retest of the daily high from June 9 at $3,721 is plausible.

With the RSI on the daily chart above the neutral level of 50 and the AO trending similarly, a sustained bullish momentum would provide further support for the recovery rally.

Should Ethereum’s daily candlestick close below $2,817, forming a lower low, it may indicate persistent bearish sentiment, potentially leading to a 7% decline towards the daily support at $2,621.

Ripple’s price broke above the daily resistance level of $0.574 on Tuesday and is currently 1% higher at $0.585 on Wednesday. Holding above the $0.574 level could lead to a 12% rally, targeting a retest of the daily high from April 9 at $0.643.

On the daily chart, both the RSI and AO are positioned above their critical thresholds, indicating a bullish dominance. However, a close below $0.413 in Ripple’s daily candlestick could signal sustained bearish sentiment, potentially resulting in a 16% decline towards the daily support at $0.347.

The cryptocurrency market’s recent price movements highlight the potential for bullish trends in Bitcoin, Ethereum, and Ripple, with technical indicators pointing towards positive momentum in the market.