The crypto market lost momentum on Tuesday, with Bitcoin price pulling back from this week’s high of $89,000. Other altcoins like Ethereum (ETH) and Ripple (XRP) remained in a tight range. This XRP, ETH, and BTC price prediction explains what to expect now that Mt. Gox has moved another $1B worth of Bitcoins.
Mt. Gox Transfers $1B Bitcoins Ahead of Payments
One of the top crypto news is that Mt. Gox, the bankrupt crypto exchange, transferred 11,500 Bitcoins valued at $1 billion. This was the third such transaction this month. Arkham data also shows that Mt. Gox moved more Bitcoins worth $155 million on Tuesday.
These movements mean that the exchange is preparing for the next phase of payouts. The company has until October 31 to complete the distributions, though the deadline may be extended. Arkham data shows that Mt. Gox now holds 35.5k Bitcoins worth $3.1 billion.
In theory, Mt. Gox distributions should be bearish for BTC price because many of the creditors may decide to liquidate into cash. However, in the past, many of these creditors have continued holding on to their coins.
BTC Price Prediction: Technicals Point to a Pullback
There is a risk that the Bitcoin price may drop soon, triggering a drop in the crypto market. This risk is because the coin has formed a mini death cross pattern as the 100-day and 50-day EMAs crossed each other.
BTC has formed a rising wedge pattern, and it remains below the two moving averages, a sign that bears are still in control. Additionally, Bitcoin has formed a rising wedge pattern and retested the neckline of the double-top pattern at $89,240.
Therefore, there is a risk that BTC price will crash and retest the year-to-date low of $76,500. A move above the 23.6% Fibonacci Retracement point at $95,000 will invalidate the bearish outlook.
ETH Price Technical Analysis
Ethereum price’s recovery has stalled at the $2,000 resistance level. On the 1D chart, it remains below the key support level at $2,120, its lowest level in August last year.
Like Bitcoin, ETH price has formed a break-and-retest pattern and it remains below all moving averages. The Awesome Oscillator remains below the zero line. Therefore, with Ethereum forming a bearish flag pattern, there is a risk that it will crash to $1,500 soon. The bullish ETH price forecast will be confirmed if it loses the support at $1,745.
XRP Price Technical Analysis
The 4H chart shows that the XRP price has consolidated in the past few days. It sits slightly above the 50-day moving average. Most importantly, it is forming a symmetrical triangle pattern, whose two lines are nearing their confluence point. XRP has stalled at the Top of the Trading Range of the Murrey Math Lines.
Therefore, the coin will likely have a breakout in either direction. A move above the upper side of the triangle means that it will jump to the ultimate resistance at $2.7, up by 13% above the current level. A drop below the triangle will point to a drop to the ultimate support at $1.9635.
The post XRP, ETH, BTC Price Prediction as Mt Gox Transfers $1B Worth of Bitcoins Ahead of Payouts appeared first on CoinGape.
