Cryptos are currently in consolidation mode. Many analysts are predicting another crash in the short-term, bringing crypto prices below their respective psychological prices. Will cryptos crash soon? Let’s analyze Bitcoin, Ethereum, and XRP from a purely technical standpoint in this crypto price prediction article.
Will Cryptos Crash Again?
The crypto market managed to recover after hitting rock bottom back in June 2022. However, earlier in August, prices seem to have taken a turn to the downside, erasing all previous gains. Bitcoin for example recovered from its low of $18,500 to reach almost $25,000. However, prices went back down towards the current price of $20,000 and even breached for a short while. This breach of the psychological price coupled with a small consolidation often leads to a crash in the short term.
Consequently, the crypto market’s capitalization slipped below $1 trillion. Most analysts are predicting lower crypto prices because of the Wyckoff distribution schema, explained in this article.
Crypto Price Predictions – Technical Analysis
Bitcoin Price Prediction
As stated earlier, Bitcoin breached the psychological price of $20,000 multiple times. The current consolidation confirms a potential downtrend reaching $18,500. From there, prices should decide whether to continue crashing, or to retrace higher. The most likely scenario is the crash for now, which might send prices down to $10,000.
Ethereum Price Prediction
Ethereum had a great run from its psychological price of $1,000 to almost $2,000. This 100% price increase was fueled thanks to the official announcement of the ETH2.0 merge coming in mid-September 2022. However, the “merge” hype soon cooled off, and prices tanked back towards the first current price target of around $1,500. If this price is breached lower, we should expect ETH prices to reach $1,200 next, then back to the $1,000 price mark.
XRP Price Prediction
In a previous article, we spoke about how Ripple company was doing relatively well. However, the crypto market sentiment is not helping XRP prices. In fact, Ripple is making great business deals with countries and businesses. The verdict of its lawsuit with the SEC is also expected to turn out in its favor. Despite all of that, XRP prices are failing to make any significant price increase as its prices are still consolidating between $0.30 and $0.40.
If the $0.30 price mark fails to support XRP prices, we might see XRP reach its pre-2017 price marks, which is lower than $0.20 again. For now, it all depends on the crypto market in general.
