- Bitcoin price shows signs of a bottoming process as it trades around the $42,000 level.
- Ethereum price needs to clear the 200-day SMA at $3,431 to embark on a 15% uptrend.
- Ripple price lacks volatility and has its upside potential capped at $0.826.
Bitcoin price is hovering around a crucial barrier moving sideways, suggesting a massive move could be around the corner. Ethereum is already showing promise of a recovery rally while XRP slacks around. Some altcoins are already swinging higher, showing strength and optimism.
Bitcoin price positions itself for a quick run-up
Bitcoin price has been stuck trading around the $42,000 level for nearly a week. The big crypto could form a bottom after it dips for the third time into the liquidity pool below $41,492. This swing low could trigger an uptrend that penetrates above the support floor mentioned above.
The resulting rally aims to retest the $45,678 resistance barrier after a 10% ascent. In some cases, the run-up could extend to $48,027 or the 200-day Simple Moving Average (SMA) around the same level.
In total, BTC could stand to gain 15% if the aforementioned bullish scenario plays out.
BTC/USD 4-hour chart
While things are looking good for Bitcoin price, a breakdown of the liquidity pool’s lower limit at $39,057 will create a lower low, invalidating the bullish thesis. This development could further crash BTC to $30,000.
