Decentral Block Post

Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made.

Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight.

On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.

Will Bitcoin turn down from the current level or will bulls regroup and push the price above $30,000? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.

Bitcoin (BTC) could rally toward $50,000 in 2023, according to a historical price fractal highlighted by popular market analyst Mags.

Bitcoin price trend in 2015 vs. 2023

The chart fractal highlights the similarities between Bitcoin’s ongoing price trends and those recorded after the completion of the 2013–2015 bear market.

That includes Bitcoin’s consolidation inside the $200–$300 range between January 2015 and August 2015, which appears identical to its consolidation between the $18,500–$25,000 range after the supposed completion of its 2021–2022 bear market.

BTC’s price broke above the $16,000–$25,000 range in March 2023, prompting Mags to highlight its resemblance to the breakout above the $200–$300 range in October 2015.

Since this resulted in a rally toward $700 in June 2016, the analyst sees the scenario potentially repeating in 2023, with BTC’s price doubling to $50,000.

Bitcoin (BTC) showed little interest in moving higher at the April 7 Wall Street open as fresh United States macro data boosted bets on further interest rate hikes.

Analyst: Fed will keep hiking “until something breaks”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it drifted around $27,900 on Bitstamp.

U.S. nonfarm payrolls figures, the main macro data focus of the week, came in slightly below expectations, indicating unemployment rising more slowly than predicted.

This in turn raised market expectations that the Federal Reserve would persist in raising interest rates to combat inflation — at the expense of crypto and risk asset performance.

The odds of another 25-basis-point rate hike in May topped 70% on the day, according to CME Group’s FedWatch Tool, having previously circled 50%.

XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple's legal win versus the U.S. Securities and Exchange Commission (SEC) and broader bullish sentiment in the cryptocurrency market.

The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern.

XRP price paints bull pennant

Late March, XRP broke above its multi-month ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022.

Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally.

A bull pennant resolves after the price breaks above its upper trendline while accompanying a rise in trading volumes. The pattern's breakout target is obtained by adding the height of the previous uptrend (flagpole) to the breakout point.

XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple's legal win versus the U.S. Securities and Exchange Commission (SEC) and broader bullish sentiment in the cryptocurrency market.

The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern.

XRP price paints bull pennant

Late March, XRP broke above its multi-month ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022.

Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally.

A bull pennant resolves after the price breaks above its upper trendline while accompanying a rise in trading volumes. The pattern's breakout target is obtained by adding the height of the previous uptrend (flagpole) to the breakout point.