Three of the oldest cryptocurrencies(BTC, LTC, and XRP) have been the focus of several analysts. These cryptocurrencies have shown signs of extreme bullishness and can post big gains soon. Bitcoin is very close to the psychological mark of $30,000. XRP has recently shown extremely bullish chart patterns. Litecoin also is above its 21 Daily Moving Average and might bounce upward from its trend line.
Bitcoin, the king of all cryptocurrencies, has gained nearly 50% within March. It jumped from $19,628 to $29,159 within March. It is now very close to crossing the much-awaited barrier of $30,000.
Experts are now opining about Bitcoin reaching and crossing $30,000. Some of them are even predicting $100,000 by the end of the year 2023.
Messari CEO Ryan Selkis expects Bitcoin to reach $100k on the basis of outside money and a little fear of missing out. Messari is a leading on-chain and technical analysis tools provider in the crypto space.
As per Ryan, the upcoming rally will be fuelled by corporate buyers who did not participate or bought very lightly during previous rallies. Further, the devaluation of the US Dollar would force many to have some kind of hedge that is liquid. Cryptocurrencies being easily bought and sold and would be perfect choice for such a scenario.
Currently, 75% of Bitcoin holders are in profit, with most of them (69%) being long-term holders (1yr+) as per on-chain data from Into The Block.
Litecoin surprised all of us with its unexpected rally from $50 onwards till it doubled in value to become a $100+ cryptocurrency. recently, it has cooled off and is now trading at $92. However, not everything is over. Experts predict that Litecoin can soon begin a fresh rally again to reach $300 by 2023.
Here is a graph shared by a Twitter user Sashimi Nagasaki which tracks the multi-year trend of Litecoin since its inception. He also explains how the 21 Exponential Moving Average (EMA) can be used as a technical indicator.
Further, Litecoin is soon witnessing its next halving around 130 days from now. Halving is known to have worked in favor of cryptocurrency prices in the past, for example, in Bitcoin.
Ripple's XRP has managed to stay in the limelight due to its ongoing lengthy court battle with the SEC. However, despite all the legal challenges, it has recently gained massively in price from $0.34 to $0.57. If XRP wins the court case, it might send the cryptocurrency much higher than its all-time high of $3.92, a six-fold gain from current prices of $0.51. The case is expected to be concluded soon.
Further, XRP also crossed a market cap of $20 billion which is a testimony to its growing user base.
Cryptocurrency experts have signaled that XRP might make massive price gains in the upcoming weeks. DonAlt, a known crypto analyst, has Tweeted in favor of XRP, pointing out the strength in its price trends.
The widespread sentiments associated with crypto markets might compel corporate players to step in. This would attract investment funds like Goldman Sachs, Blackrock, and others. Institutional buying was earlier restricted due to limitations on the usage of public funds and the lack of regulations on cryptocurrencies. However, with the devaluing US Dollar, these companies might find it a good opportunity to explore cryptocurrencies as alternative assets.
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