‘Face-Ripping Rally Incoming’—Why The Bitcoin, Ethereum And XRP Price Boom Could Be Just Getting Started

18 February 2024

in XRP

Reading Time: 5 mins read

BitcoinBTC and the wider crypto market have pulled off a dramatic recovery over the last year, with the bitcoin price up 100%, ethereum up 60% and XRPXRP up 35%.

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The bitcoin price has blown past $50,000 per bitcoin, pushing bitcoin’s market capitalization over $1 trillion (though another shock is now on the horizon) and the wider crypto market, including major coins ethereum and XRP, over $2 trillion.

Now, as Russia’s Vladimir Putin stokes fears Joe Biden is killing the U.S. dollar, one closely-watched bitcoin and crypto analyst has raised his bitcoin price target, with bullish traders pointing to a perfect storm of factors that could send the bitcoin and crypto market higher in coming months.

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year, pulling the wider ethereum price, XRP price and crypto market with it.

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“Bitcoin appears to target $57,000 as its next resistance, and considering bitcoin’s performance in the previous halvings, the odds for another leg being higher are increasing,” Markus Thielen, head of research at 10x Research, said in an emailed report.

Thielen and other bitcoin and crypto market watchers have pointed to ongoing inflows into the newly created spot bitcoin exchange-traded funds (ETFs) and bitcoin’s looming supply cut, expected in April and known as a halving, as driving the recent bitcoin price rally.

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“Overall, the market structure appears healthy with futures positions being built, USDT tetherUSDT minting supporting crypto inflows while flowing into bitcoin ETFs remains strong,” Thielen wrote. “Crypto-equity stocks are still undervalued and will likely continue to attract buyers and attention from Wall Street, especially after the strong earnings beat from Coinbase.”

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This week, Wall Street giant JPMorgan has suddenly changed its tune on bitcoin and crypto exchange Coinbase thanks to the arrival of institutional “fomo.”

“Bitcoin is the critical directional influencer,” Thielen added, arguing the likes of ethereum, XRP and other major coins will likely rise and fall with the bitcoin price.

“Bitcoin prices are rallying, innovations are expanding globally ahead of the election year, and the upcoming bitcoin halving,” Ben Weiss, the chief executive of bitcoin ATM operator CoinFlip, said in emailed comments.

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2022 price crash, with the wider crypto market, including ethereum and XRP, recovering with it.

Forbes Digital Assets

Bitcoin bulls have also named an expected Federal Reserve interest rate cut as potentially powering a further price rally.

“With bitcoin back over $50,000, [the] average investor [is] again wondering: ‘did I miss buying opportunity?’ Answer is hard ‘no’,” Anthony Scaramucci, the founder of hedge fund Skybridge Capital, posted to X.

“Interest rates falling, spot ETFs driving billions in new flows, halving two months away. Face-ripping rally incoming in my opinion.”

Last week, influential crypto trader Arthur Hayes predicted a Fed flip will cause the bitcoin price to explode to $1 million—something that would give bitcoin a market capitalization of around $20 trillion.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.