In 2021, the cryptocurrency industry is expected to grow significantly. This is because of the bull market that Bitcoin entered in late 2020, which is still ongoing. Ethereum, the second-largest crypto, has also been building momentum and has come quite close to its 2017 high price. Ripple’s XRP has been down but is also picking up, as the entire market is in the green. This article will discuss the price prediction for Bitcoin, Ethereum, and Ripple in January 2021.
Bitcoin (BTC) Price Prediction: Analysis
Bitcoin price has been on a bull run since November 2020. The number one cryptocurrency rose and broke through the 2017 all-time high price and reached a new all-time high in just a few hours. Bitcoin hit a new all-time high in 2021, reaching over $34,600. At the moment, the price has dipped slightly and formed a red candle for the first time since December 28 2020.
As Bitcoin has not experienced any major retrace for a long time, it may be time for such retrace. However, some analysts believe that a retrace is not on the horizon, and the asset could rise even further before retracing.
The RSI shows an overbought condition at over 88. It has, however, dipped and, although slow, is not certain if it will continue or slow down soon to let Bitcoin continue its upward movement.
Bitcoin (BTC) Market Predictions
The Bitcoin price prediction for January 2021, according to Longforecast, is that Bitcoin will be at a minimum of $29,036 and a maximum of $59,568. The closing price for the month is expected to be $55,755.
Digitalcoinprice places its Bitcoin price prediction for January 2021 at $73,330.02.
30rates’ BTC prediction is that it will reach a price of $59,944. The minimum expected price for the month is $30,931 and the maximum price is $64,140. The full prediction is below:
This website predicts that Bitcoin will reach $35,532.93 in January 2021.
Ethereum (ETH) Price Prediction: Analysis
Ethereum picked up momentum and has risen in price strongly in the last few days. However, just like Bitcoin, it has slowed down and is experiencing a retrace. After going well above $1,100, the second-largest cryptocurrency fell just below $960. It has just printed a red candle and could be going further down.
The RSI also shows an overbought condition at 82, which suggests that the coin is due for a move down. However, it is not clear how long the downward move may be. A support has been established at $710.74, where there have been at least three price bounces.
Ethereum (ETH) Market Predictions
The following are Ethereum price prediction opinions from some well-known websites.
Ethereum price prediction for January, according to Longforecast, is that it will have a minimum of $717 and a maximum of $1636. The closing price for the month is $1502.
According to Digitalcoinprice, the ETH prediction is that it will reach $2,146.00 in January 2021.
30rates predicts that Ethereum will reach a price of $1603 in January. The maximum price during the month will be $1,715, and the minimum will be $1,055.
Provisonibitcoin places its ETH for January 2021 at $ 1,144.27.
Ripple (XRP) Price Prediction: Analysis
Ripple’s XRP is one of the top cryptocurrencies by market cap. The crypto has faced some hard times price-wise, and the challenges became worse at the end of 2020. XRP had crashed below $0.2 but started rising again as other altcoins have started rising along with Bitcoin. The current patterns on the XRP/USD do not look promising.
A Death Cross happened between 20 MA and 50 MA on 28 December 2020. This suggests a bearish trend has kicked in. Another Death Cross could happen between 20 MA and 100 MA, which is even a worse indicator unless the trend is reversed.
The RSI shows an oversold condition, which should indicate that the buyers will take control soon. However, this is not likely with the patterns shown by the MAs.
Ripple (XRP) Market Predictions
Here are the opinions of some price prediction and analysis websites to help give a clearer picture of the price expectations for January 2021.
Longforecast’s XRP price prediction says the cryptocurrency will have a low of $0.12 and a high of $0.27. The closing price for the month will be $0.15.
Digitalcoinprice is more bullish on its XRP prediction. The website predicts that XRP could reach as high as $0.54.
30rates predicts that XRP will reach a maximum of $0.127 in January 2021. The minimum price is expected to be $0.106. The interesting thing is that the price is expected to reduce almost consistently to the end of the month.
Provisionibitcoin‘s XRP prediction is that the price will reach $0.28 in January 2021.
These are the price predictions for these top three cryptocurrencies. If you wish to invest in any of them, this information should help you get a clue of what to expect in the coming month. However, it is not intended to serve as financial advice, so you should do more research and seek financial advice if you have to in order to minimize your risk.