- Bitcoin’s price is set well below $ 19,000 as the largest crypto creditor file in bankruptcy.
- The price of Ethereum set for another investor’s escape as the dented confidence in cryptocurrencies is more throbbing.
- The price of XRP is set to drop to 45% as headwinds continue to blow, and more defaults will occur in the future.
Bitcoin prices, Ethereum and other cryptocurrencies have been questioned for their existence and are on fire from the left and right. Overnight, one of the largest crypto lenders, Celsius Network, filed for bankruptcy with assets and liabilities between $ 1 billion and $ 10 billion, with 100,000 creditors lined up to pick chickens. I was there. Random measures such as blocking customers from withdrawing, raising money at shark rates, and reducing the workforce were too small for major bleeding wounds. This is because investors shouldn’t turn their backs for a few more months as the crypto winter cleans up the competition and eradicates the weak and weak so that only reliable services and cryptocurrencies continue to be built. I raise the question.
Bitcoin price is set to be reset at $ 16,000
As the Celsius Network filed for bankruptcy in New York, Bitcoin (BTC) prices will need to be revalued after the spillover effect. This means that the market capitalization of cryptocurrencies could end between $ 1 billion and $ 10 billion due to the size of the bankruptcy crypto lender’s asset balance sheet. The fact that everything is liquidated towards the US dollar means that another bleeding of funds will not come back soon.
Therefore, BTC’s price is set to step back to $ 19,036 and you can see the Bulls pushing against that barrier and starting to close positions. By doing so, they may join the bearish army, with sell-side orders surpassing buy-side volume and triggering another leg of price action. Expect the area to open and support lined up at $ 16,020 when the bear can push price behavior below $ 19,000. This means that BTC prices could fall another 20%.
BTC / USD Daily Chart
The market had already mentioned the breakdown of Celsius a few weeks ago. Traders are likely to have pre-positioned this, which can lead to a modest decline, but far from $ 19,036. Instead, we are aiming for a rise towards $ 21,969. By doing so, the Bitcoin range trade remains intact and can continue during the summer.
Ethereum prices can drop below $ 700
The price of Ethereum (ETH) looks similar to the Bitcoin comments you can read in the paragraph above. In addition, ETH’s pricing behavior has another component that emphasizes its future outcomes. It is a firm refusal received on July 8th. The triple top is formed at $ 1,243.89 and there are no daily closings above that level, revealing the past few times. The number of days is simply the result of a bearish rejection and a bull trap pushing the bull down.
Therefore, ETH prices are set in a pattern similar to Bitcoin price actions. Initially tested at $ 830, it pushes the bull against that level to push the bull out of a long position, causing an exponential explosion of sell orders. An additional factor caused by the Celsius breakdown should be enough to break support at $ 830, lower another leg towards $ 656 and below $ 700.00, along with another dent in trader confidence in cryptocurrencies. is.
ETH / USD Daily Chart
As long as ETH prices can refrain from hitting new lows for the week, losses could still be bailed out and traders could even be an upside surprise. Not immediately, but you’ll get $ 2,000 or $ 1,688. Since the crypto winter isn’t over yet, a small pop towards $ 1,300 will still be printed, giving a deserved return to brave traders who make bullish trades in crypto this winter.
XRP price on the verge of collapse
Ripple (XRP) prices are the most sensitive of these top three cryptocurrencies in the negative news. Expect the Celsius news to have the most impact on Ripple price behavior. Ethereum and Bitcoin, on the other hand, are moving in the same direction, but they can keep their actions together. Look at this character being assigned to the price reaction of XRP and expect huge losses in the near future.
Not only will the price of XRP fall by 20%, but the spillover effect could further injure it, and a 45% devaluation and cash flow outflow could further increase market capitalization. The outflow is not expected to bring the Relative Strength Index back into the oversold territory and support at $ 0.3043 for a long time. Instead, the new multi-year low could be printed at the December 2020 low of about $ 0.1737.
XRP / USD Daily Chart
Seeing that most of the Fed and other central bank’s next steps are priced, some support could be gained from markets reassessing the situation after Wednesday’s US inflation rate. I have. Once the price is set, there is room for the upside and the price of XRP may rise slightly. This will bring profitable targets to $ 0.36 and $ 0.37 in the short term, keeping range trading intact during the summer.