5 Coin Weekly Forecast | BTC ETH SOL BNB XRP
TL；DR
In the past week, the overall crypto market has rebounded, with several key mainstream currencies showing some price increases. The key time point occurred in the middle of the week, and after entering the current price range, it began to show a relatively stable trend curve. Overall, the market remains bullish in the short term, and there is no possibility of a significant pullback in the long term. The market is about to enter Q1 of 2024, and the foreseeable external news will have a positive impact on the market. Presently, the total amount of funds in the crypto market has increased to around $1.68 trillion this week. At present, the top five cryptocurrencies in the total market value of the crypto market are Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance (BNB), and Ripple (XRP).
In the past Friday, major currencies have shown an upward trend with varying fluctuations. SOL has continued to maintain a significant upward trend this week, while other currencies have relatively small ranges. After entering the closing stage of this week, the trends of each currency have remained relatively stable. This article will study the performance of major assets, explore the factors that affect their price trends, and conduct corresponding analyses to predict their future short-term price trends.
Bitcoin（BTC）
Bitcoin has risen by about 3.60% this week and is currently closing at around $43,645. The upward trend within a week is quite evident. Bitcoin reached its highest point of $44,214 this week and is currently maintaining a slight fluctuation in the price range of $43,000 to $44,000. This state has been ongoing for several weeks for the currency, and the key price of $45,000 is still difficult to break through compared to Bitcoin.
Analysis suggests that the price trend of Bitcoin remains within a fixed market cycle within a week, with overall performance fluctuating but tending towards stability. However, intraday fluctuations are still quite intense. Due to the recent consecutive price retracement of Bitcoin after breaking through key price levels in a short period of time, and the current shift in market hotspots, the currency lacks the driving force for rapid growth in the short term. Therefore, it is necessary for the crypto market to adjust overall in order to further break through the current price trend cycle. Presently, the fluctuation cycle of Bitcoin is still ongoing, and in the short term, the main trend is for Bitcoin to maintain its current price range and continue to fluctuate.
Bitcoin Price Data (Data Courtesy of CoinMarketCap)
Ethereum（ETH）
Ethereum rose 2.77% this week and closed near $2,292. During this week, the price trend of Ethereum was similar to that of Bitcoin, but the peak of the curve changed more dramatically, and small pullbacks were more common. Within a week, the high reached $2,341, and overall, the currency remained in the range of $2,100 - $2,300 for most of the week, continuing to fluctuate.
Analysis suggests that the price of Ethereum was also affected by market cycles this week, with most of the time experiencing short-term fluctuations, and its upward trend was staggered compared to that of Bitcoin. After entering the closing stage, the correction was more obvious. However, in previous forecasts, there was a tendency to believe that Ethereum would remain above $2,300 as a volatile trend. However, it seems too optimistic at the moment. In the short term, the probability of Ethereum’s rise and fall will still remain within the current price range, with a median price around $2,225 within a week. Given the current state of the currency’s pullback, it is unlikely to break through $2,400 in the next one or two weeks.
Ethereum Price Data (Data Courtesy of CoinMarketCap)
Solana（SOL）
SOL has entered another rapid upward cycle this week, rising 55.62% within a week and closing near $116.08, directly breaking through its key price level of $100. The price of SOL has been mostly on the rise throughout most of this week, with less severe fluctuations and fluctuations during the day. The low point of the price briefly fell below the $70 price level during the opening phase of the week, and the subsequent increase is mainly sustained. Meanwhile, influenced by the Solana eco, SOL has been continuously sought after by the market. Due to a significant price increase within a week, the currency has surpassed BNB and XRP, becoming the third largest crypto project in the crypto market by market value.
Analysis suggests that the upward trend of SOL is still ongoing, and currently, compared to its previous bull market, the price of the coin has returned to half of its current stage, with significant room for price expectations. Earlier predictions about this currency were mainly based on the acceptance of the Asian market, but in reality, users in Europe and America are more fond of SOL, and the market investment enthusiasm is also high. Currently, the bullish sentiment of this currency is further intensifying, and it is expected that there will be a larger influx of funds. It is a high probability that the currency will break through the $120 price level in the short term. The only thing to note is whether there will be large-scale actions by the Solana eco in the last quarter of this year. Considering these factors, the expected price of this currency may reach a new high.
SOL Price Data (Data Courtesy of CoinMarketCap)
Binance（BNB）
BNB rose 10.80% this week and closed around $270. This week, the market trend of BNB has rebounded due to the impact of market cycles, and the basic trend has also continued to rise after entering the middle of the week. There has not been a sharp intraday fluctuation like Bitcoin, and overall, it is mainly characterized by volatility. The low point within a week appeared around $223 during the opening phase.
Analysis suggests that the news factor has basically stopped affecting the price trend of BNB this week, and the total amount and Flow of platform funds have also tended to stabilize. The currency has finally followed the market cycle this week, and the price trend is currently maintaining a sustained slight fluctuation above $265. The current price trend of BNB is also basically maintaining a sustained fluctuation within the range of $265-$275, with an overall trend relatively flat. Considering the overall market situation over the past week, it is highly likely that a small range of fluctuations will continue to rise in the following one or two weeks.
BNB Price Data (Data Courtesy of CoinMarketCap)
Ripple（XRP）
XRP rose 0.70% this week and closed near $0.6225. The price of XRP has been mainly characterized by sustained small fluctuations this week, with no significant changes in the overall price. The price was high around $0.63 within a week, and the low point appeared in the opening stage, briefly dropping to around $0.58. The price of this currency has shown significant weakness this week, although it briefly broke through the $0.63 level most of the time, it is difficult to maintain. Compared to the key price of $0.65, the performance of XRP this week is not enough to support subsequent clear increases.
Analysis suggests that although there has been a clear increase in the overall market this week, with most mainstream currency projects experiencing an increase, the price of XRP has remained within a small range of fluctuations. On the one hand, this is due to the application characteristics of the currency itself, and on the other hand, XRP does lack further investment attributes in the current market cycle, Compared to various popular secondary currencies and other currencies with clear expectations of growth, the investment returns of XRP are relatively low for most users in the current cycle. The performance of XRP in the future will still be more affected by clear market changes, and the trend will be more obvious. Considering the market cycle, the price of XRP is unlikely to experience significant changes in the short term.
XRP Price Data (Data Courtesy of CoinMarketCap)
What is to Come?
This week, the prices of BTC, ETH, SOL, BNB, and XRP have shown a general upward trend compared to last week. However, some currencies have not seen significant increases, while SOL has maintained an impressive trend in currency prices. The overall short-term bullish trend is still evident. The price trends of several mainstream currencies in the short term have been explained separately, but the temporary impact of news factors cannot be ruled out. More accurate information needs to be obtained through daily market fluctuations.
