Altcoins Land After BTC Halving Arrives

• Bitcoin price could drop to $60,000 or lower as investors cash in on BTC halving news.
• Ethereum price could see a bullish breakout if the altcoin market cap fluctuates relative to BTC price.
• Ripple price holds above support and could rally above $0.5783 as XRP bulls wake up.

Bitcoin (BTC) price remains calm, but the outlook among altcoins is different, with Ethereum (ETH) and Ripple (XRP) holding above key levels. This follows the successful arrival of BTC’s fourth halving, which has left Bitcoiners and market enthusiasts euphoric.

The long-awaited Bitcoin halving finally took place on Saturday, with the Bitcoin block height reaching 840,000. cryptocurrency market The market cap rose 3.22% to $2.32 trillion. The surge comes as altcoins are starting to wake up, with most of them flashing green to outperform the pioneer cryptocurrency.

Read also : Bitcoin Halving Ends Successfully as BTC Miner Rewards Reduced to 3,125

Bitcoin Price Could Drop to $60,000

Bitcoin price remains calm after the conclusion of the BTC halving, and in the “sell the news” situation, the major cryptocurrency risks a correction to $60,000 or lower. Note the lower lows and lower highs on the Relative Strength Index (RSI), showing that momentum is declining.

In its place, the Awesome Oscillator (AO) is heading into negative territory as the red hue intensifies. Similarly, the Moving Average Convergence Divergence (MACD) has crossed below the orange band of its signal line, suggesting a potential bearish cycle.

Bitcoin price could drop below $60,000 to test the $59,530 support or extend lower to the $50,420 threshold.

3-day chart of the BTC/USDT pair

Conversely, a surge in buying pressure could push Bitcoin price even higher. A decisive close of the candlestick above the psychological level of $70,000 on the 3-day time frame would confirm the continuation of the uptrend. This could see BTC price reclaim its peak of $73,777, or even higher to record a new all-time high.

Read also : Bitcoin Price Outlook: When is BTC expected to peak after the halving?

Ethereum Price Prepares for Breakout

Ethereum price is consolidating within a falling wedge pattern, a bullish reversal technical formation that could see the altcoin’s biggest upside. ETH is back above the $3,000 level and could see a bullish breakout as the altcoin market cap oscillates against that of Bitcoin.

The RSI is tilting north, ready to recover above the mid-50 level. If so, this could precipitate a strong move north for Ethereum price to rise.

ETH/USDT 3-Day Chart

Conversely, early profit-taking among the bears could see Ethereum Price fall, with a slide below the $2,850 support negating the bullish thesis. This could lead to a fall extending to the depths of $2,500.

Read also : Ethereum Resumes Consolidation After Brief Dip, Buyback Yield Outpaces Major S&P 500 Companies

Ripple Price Shows Strength

Ripple Price XRP price could rise if it holds above the ascending trendline. The RSI looks set for a pullback as it rejects any further downside as it holds above 34. If XRP bulls manage to break above 50, it could trigger a strong northward move, sending Ripple price above $0.5783.

A decisive close of the candlestick above this level on the three-day time frame would encourage more buy orders. To confirm the continuation of the uptrend, bulls should watch for a candlestick closing above $0.7630, the average threshold of the supply zone between $0.7277 and $0.7959.

XRP/USDT 3-Day Chart

On the other hand, if the bears pull XRP price below the ascending trendline, it could encourage a sell-off that would push Ripple price down to the $0.4183 support level. In the worst-case scenario, the altcoin’s price could drop to the $0.3078 support level.

Read also : XRP Fails to Surpass $0.50, Posting 20% ​​Weekly Losses

FAQ about Bitcoin, Altcoins and Stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third-party involvement in financial transactions.

Altcoins are all cryptocurrencies other than Bitcoin, but some also consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, derived from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of each stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by algorithm or demand. The primary purpose of stablecoins is to provide an on/off ramp for investors to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It gives a clear picture of the interest in Bitcoin among investors. A high BTC dominance usually occurs before and during a bull run, during which investors resort to investing in relatively stable, high-cap cryptocurrencies like Bitcoin. A decline in BTC dominance usually means that investors are shifting their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

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