Will Bitcoin (BTC) Reach $70,000? Major XRP Triangle Breakthrough and Fading Bullish Momentum for Ethereum (ETH)

As has been the trend for the past few months, Bitcoin continues to trade within a descending price channel. As Bitcoin approaches the upper limit of this channel, which is around $70,000, the likelihood of another attempt to break through this level increases, along with the risk of a pullback.

Recent price action indicates that Bitcoin has bounced off lower levels, demonstrating strength according to chart analysis; however, it remains trapped in this declining channel. For Bitcoin to surpass the upper trendline and make a meaningful advance toward $70,000, it will require a strong catalyst or significant buying momentum.

If it manages to test $70,000 again, it could reach new heights. However, if Bitcoin can’t sustain the upward pressure, a retreat back to critical support levels may occur. The psychological level of $60,000 is particularly important as it aligns with the current resting place of the 100-day moving average. Additionally, support is further bolstered below this level by the 200-day EMA and earlier consolidation zones, including $58,000.

In a bullish scenario, if Bitcoin successfully crosses the $70,000 mark, the next target could be the $75,000 level. However, this area may present challenges, as it has previously acted as strong resistance during past market cycles.

Turning to XRP, a symmetrical triangle pattern has recently experienced a significant breakout, suggesting the possibility of more upside momentum. This triangle had been evolving since August, indicating that XRP was gathering strength for an impending move. With this breakout now realized, it’s clear that the market sentiment is shifting towards bullishness.

Such patterns often precede sharp movements in either direction, making this breakout from the symmetrical triangle noteworthy. The fact that XRP has broken higher indicates that bulls are currently in control. Nonetheless, there remains uncertainty regarding the sustainability of this momentum.

Despite XRP’s current strength, a potential invalidation could occur if the price retraces back into the triangle and breaches key support levels. To confirm a sustained bullish trend, XRP needs to maintain its position above the $0.58 support zone, which holds significant importance. A fast retreat back to the lower $0.55 region could follow if this level fails to hold. Conversely, if XRP continues to rise and remains above resistance, it could look toward further gains, with the $0.65–$0.70 region as the next target.

Regarding Ethereum, after a brief period of upward momentum, it has returned to its descending price channel, indicating that the overall trend may be weakening. The second-largest cryptocurrency by market cap is showing signs of a potential reversal, despite its recent upward movement.

Ethereum’s price has been on a downward trajectory since mid-2023, struggling against a persistent bearish trend. However, it has made a notable recovery over the past week, climbing back above the $2,500 mark. Despite this, the bullish momentum appears to be subsiding as the price approaches significant resistance levels around $2,600 and $2,700.

Currently, Ethereum is consolidating within the declining channel, and there is a noticeable lack of strong momentum. The critical aspect to monitor is whether Ethereum can maintain its level or if a reversal back toward $2,400 or even $2,300 will occur.

A return to bearish sentiment and additional downward movement could be signaled if Ethereum breaks below these important support levels. On the positive side, there is potential for Ethereum to gain more traction in the upcoming trading sessions, particularly on Mondays when market activity typically surges. If buying interest increases and the price breaks above its current resistance, the $2,800 region could be retested by Ethereum.