Thursday, April 18, 2024

Institutional FOMO Drives Crypto Market: Bitcoin, Ethereum, Ripple Predictions.

The price of Bitcoin (BTC) is still rising strongly despite institutional FOMO (fear of missing out) in previously unexplored areas. The fact that the majority of Bitcoin owners are not selling serves as more evidence of this. Ethereum (ETH) is maintaining over $4,000 in the meantime, demonstrating strength as the price of Ripple (XRP) surpasses itself with double-digit rises.

Bitcoin price eyes $80,000

Following a bullish breakout above the $70,000 barrier, the price of bitcoin might rise 10% to the psychological $80,000 mark. The Relative Strength Index (RSI) position, which is still rising, indicates that the markets are still generally positive despite Bitcoin being very overbought. You’ll see that the RSI hasn’t verified that Bitcoin is ready to be sold.

If bullish momentum keeps growing, the price of bitcoin may rise to the projected objective of $80,000. It’s unclear how far the price may rise given that this is the first time the market has seen such an institutional purchasing frenzy for an asset with a restricted supply—so much so that it seems like a bull market started months before the BTC halving.

On the other hand, the price of Bitcoin may decline if traders start to book profits on their current gains, first losing the immediate support level at $69,000. The price of bitcoin would return to the supply zone, which is between $62,278 and $65,618, if it fell further. The downtrend would be confirmed if the order block’s midline, at $64,044, were broken and closed below.

The price of Ethereum may return to its peak.

Since the beginning of the year, the price of ether has increased by about 85% and shows no indications of abating. The Awesome Oscillator (AO) histogram bars’ rich green hue indicates the continued dominance of ETH bulls in the market. The volume indicator indicates that the major trend is strengthening, and the RSI is likewise trending northward and displaying increasing velocity.

Increased buying momentum may allow the Ethereum price to rise beyond $4,500 and then retest the $4,868 top, which was last seen on November 10, 2021. This would represent a 20% increase above the present levels.

However, Ethereum’s price may retreat to provide a second opportunity to purchase at the $3,602 support level if seller momentum picks up.

Ripple price eyes $0.8000 milestone

The price of ripple has surged parabolic, rising by about 20% in the past day. As a result, the price of XRP reached a multi-month high of $0.7440. The RSI position indicates that there is still space before the payment token is deemed overbought. In addition, the bars on the AO histogram continue to flash green, indicating that the bulls are still in the lead.

Increased purchasing pressure may cause the price of Ripple to approach the psychological $0.8000 mark, or in an extremely optimistic scenario, it may continue to rise to shed a zero and reach the $1.0000 significant milestone. This would mean a 38% increase in the north above the present levels.

Conversely, a decline below the $0.6421 support level is probably going to refute the bullish narrative, allowing the bears to take the market back.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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