Bitcoin Price Prediction: Analysis
Bitcoin’s price has been in a bull market throughout January 2021. The bullish momentum, however, slowed down towards the end of the month, with BTC ranging between $30000 and $35000. This continued for several days until the price broke the range on 3 February and was able to breach $35000. BTC currently trades at over $37000.
The daily price chart for BTC vs USD shows that the number one cryptocurrency is once again on its way back up to $40000, a level that is critical to the price reaching new highs. After crashing from this level due to investors King profit, it has been challenging for it to return there, but it seems buyers are back, and the bullish continuation is on again.
After dipping slightly below 60, the RSI shows that buyers have taken control, and the price could be heading higher unless there is a sudden change that influences investors’ decisions. The RSI has been below 70 since early January, and while it has made an attempt to break above it, the attempt was unsuccessful, and it dipped further, indicating strong selling pressure, which has subsided over time.
Bitcoin (BTC) Market Predictions
The following are the websites that provides Bitcoin price prediction every month.
BTC price prediction from this website says that the price will hit $56,257.68 in February. This will be a 49.82% increase.
The website predicts that Bitcoin will hit $49,640.75 in February 2021.
Longforecast’s Bitcoin price prediction says that Bitcoin’s price will reach a high of $49779, and the lowest expected price is $32584. The closing price for the month is expected to be $39078.
30rates forecasts that the minimum expected price for February 2021 is $33,465. The highest expected price is $49779.
Ethereum Price Prediction: Analysis
Ethereum has been just as bullish as Bitcoin since last year. In January 2021, it broke the all-time high price of over $1400. The price has continued to rise as investors rush to it as a cheaper alternative to Bitcoin. At the moment, the price stands at $1,729.21. Just like Bitcoin, the sentiment for Ethereum remains bullish as more buyers are still patronizing it.
The bullish tendency is also confirmed by the moving averages, which show that the price is making consistent progress upwards, therefore avoiding any death cross, which could initiate a trend reversal.
The sellers also have a significant influence at the moment. The RSI has attempted to break above 70 very recently, but selling pressure pushed it right back down. It has, however, started to rise again from around 65, meaning buyers are helping to hold it up while sellers try to hold it down. As Ethereum usually follows Bitcoin’s direction, the second-largest cryptocurrency is also showing strong upside potential from here.
Ethereum (ETH) Market Predictions
The following are different predictions on ETH, which should give you a clearer perspective of the market for the month.
According to Longforecast’s Ethereum price prediction, the price may drop to $1281 and go as high as $2572. However, it is expected to close the month much higher at $2019.
This website predicts that the price of Ethereum will reach an average of $2,302.35 in February, with an increase of 39.82%.
Provisionibitcoin’s ETH price prediction for February 2021 places the average price for the month at $2,641.95.
30rates places Ethereum price prediction at a minimum of $1447 and a maximum of $2572.
Ripple Price Prediction: Analysis
Ripple has had a lot of ups and downs since December 2020. Following the lawsuit, the fourth-largest cryptocurrency dipped below $0.2 as exchanges delisted it and all. However, the price experienced a major boost recently when Ripple filed its defense for the allegations the SEC leveled against the company and its executives.
The price went up 80% at the time, but liquidation brought it back down soon later. Since then, the price has been hovering around $0.3 but has maintained an upward tendency. However, XRP has not been looking good on the charts. There have been three death crosses between the 20MA and the 50MA and between both the 20 and 50MA with the 100MA.
This means that the price stopped rising to the point that the higher time frame moving averages caught up and even overtook the shorter time frame moving average, as the price seems to be dropping. All that is about to change though as a golden cross just occurred between 20 MA and 50 MA, which indicates a flip to the bullish side on this time frame. Things will only truly improve when the 20MA and 50MA also cross above the 100MA, but this is a good sign for now.
Ripple (XRP) Market Predictions
Here are XRP price predictions for February 2021.
Longforecast predicted that the price of XRP could reach a minimum of $0.35 and a maximum of $0.7 in February 2021.
This website’s XRP price prediction says that it will reach an average of $0.67337577 in February 2021.
Provisionibitcoin predicts that Ripple’s price will reach $0.59 in February 2021.
According to Walletinvestor, the price of XRP will reach a maximum of $0.696 and a minimum of $0.428 in the next 14 days.
|Date||Price||Min Price||Max Price|
BTC, ETH, and XRP Price Prediction: Verdict
Bitcoin and Ethereum have been doing very well lately, and their future potentials remain good based on this analysis. For Ripple’s XRP, a change in the trend could make the future even brighter going forward, especially as a new altcoin season is being anticipated. However, crypto investment is quite risky, as sudden trend changes are inevitable and so you should research well before taking a step.
Featured image: tokeneo.com