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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: XRP in a league of its own as BTC and ETH pull back

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  • Bitcoin price is setting the stage for a pullback after a 40% upswing.
  • Ethereum price is following BTC but might undergo consolidation.
  • Ripple price defies its run-up, suggesting a minor correction might be enough before another rally begins.

Bitcoin price is currently showing signs of retracement after a second attempt to rally higher. Ethereum price tried following in BTC’s footsteps but lacked momentum. On the other hand, Ripple price is paving its way, but it might fall in line soon.

Bitcoin price sets up a higher high

Bitcoin price created a swing high at $39,223 on July 26, which seemed like a perfect setup for a retracement. However, BTC rallied on July 28, sweeping the previous swing point and setting up a new one at $40,900.

This development indicates that the flagship cryptocurrency is ready for a pullback. Assuming the selling pressure continues to build, BTC price is likely to sell off 10% to tag the 50% Fibonacci retracement level at $35,618. This move will also create a higher low, further supporting the bullish argument.

Investors can expect a resurgence of buyers around this area to restart the uptrend, with bulls targeting the range high at $42,451.

BTC/USDT 6-hour chart

BTC/USDT 6-hour chart

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While things are looking up for BTC, a breakdown of the trading range’s midpoint could indicate weakness. If the bears push Bitcoin price to breach the support level at $34,666, it will invalidate the bullish thesis and potentially trigger a correction to $33,185.

Ethereum price falls short

Ethereum price followed BTC’s suit but fell short as it rallied to set up the higher high above the July 26 swing high at $2,433. This development has pushed ETH down to the $2,271 support level.

Increased selling pressure might push it down to the subsequent support level at $2,174. If the buyers make a comeback, the double bottom pattern will help push Ethereum price higher.

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In some cases, ETH might even set up a higher low, which will promote a move toward the recent swing high at $2,433 and even $2,460.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chart

If the bearish momentum increases to a point where it forms a lower low below the July 27 swing low at $2,172, it will set up a lower low, indicating a shift in trend.

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However, a breakdown of $2,018 will invalidate the bullish thesis and open the possibility of a move to $1,850.

Ripple price moves defy big crypto’s moves

Ripple price shows strength, unlike ETH, as it pierced the high probability reversal zone ranging from $0.68 to $0.727. This climb was brief and shows a pullback is already underway. A retest of the 60% Fibonacci retracement level at $0.68 seems likely.

In a highly bearish case, the correction might extend up to the 50% Fibonacci retracement level at $0.647.

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Investors can expect a retracement around this barrier. The resulting uptrend should be able to tag the range high at $0.785 if the bullish momentum is strong.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

Regardless of the current bullish outlook that is being witnessed on XRP, market participants should consider a down move that breaches past $0.59 that will invalidate the optimistic narrative.

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Such a move might also reveal a bearish inclination that could drag Ripple down to $0.568.

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Bitcoin

Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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