5 Coin Weekly Forecast | BTC ETH BNB SOL XRP

TL；DR

In the past week, the crypto market as a whole has been affected by a large number of BTC sell-offs and exchanges, and the trend has generally shown a downward curve during the week and day. Some mainstream currencies have also experienced a more severe fluctuation and decline this week due to the significant increase in coin prices with the overall upward trend of the market earlier. However, by the end of the week, the crypto market as a whole had rebounded, once again returning to its total market value of $16,300, with most mainstream currencies experiencing a rebound in prices.

Currently, the market downturn caused by grayscale selling and BTC spot ETF trading around Bitcoin within a week has made the short-term market downturn very obvious. As market trading behavior gradually stabilizes, the prices of various currencies have also begun to rebound, which is also the main tone of the crypto market during the week. Overall, the crypto market has experienced more than two weeks of continuous market volatility and downturn since the approval of BTC spot ETFs, and market sentiment has rebounded. However, it still takes time for mainstream currency prices to recover. At present, the total amount of funds in the crypto market remains around $1.63 trillion, which has increased compared to last week. The top five cryptocurrencies in the total market value of the crypto market are still Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), and Ripple (XRP).

Over the past five weeks, most major currencies have shown a rapid rise and fall trend, with frequent intraday fluctuations. On the basis of continuing the previous week’s decline, there have been further ups and downs. Entering the weekend closing stage, the market’s correction trend is more obvious, and the prices of several mainstream currencies have also rebounded. The overall trend is expected to be mainly volatile in the future. 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 1.43% this week and is currently closing around $42,346. The overall price change within the week is not particularly significant, but the fluctuation is significant. Currently, Bitcoin is in the highest range of the week’s coin price, with a high point of $42,704 and a low point of $38,578. This week, due to the trading of Bitcoin by grayscale, BlackRock, and major players in various markets, the market supply surged in a short period of time. However, the overall situation is that the exchange of hands has reached a relatively sufficient level. It has only caused a short-term impact on the market, resulting in a significant drop in Bitcoin prices and subsequently affecting the overall volatility of the crypto market.

Analysis suggests that the price trend of Bitcoin within a week is heavily influenced by market transactions, and coupled with last week’s bearish market sentiment towards the currency, the lack of relevant hot topics in the market has led to a more obvious downward trend within the week. Fortunately, after entering the weekend, the market crash situation has been somewhat alleviated. The supply and demand ratio of Bitcoin has gradually become normal, and the coin price has begun to show a rapid upward recovery trend. However, the current price of the currency still has a certain gap compared to the previous high point. In the future, the short-term coin price will continue to operate around $42,000 according to the market cycle. If there are no other factors affecting it, The price trend of Bitcoin will tend to stabilize, but the stability period will not last very long.

Bitcoin Price Data (Data Courtesy of CoinMarketCap)

Ethereum（ETH）

Ethereum fell by 8.17% this week, closing near $2,264, with a significant drop in price. Although Ethereum was not directly impacted by the gray market crash this week, its indirect impact on the coin price is very evident. Due to the significant increase in Ethereum during previous market fluctuations, its price remained within the range of $2,500-$2,600. As a result, this week’s drastic market changes have had a significant impact on its price retracement, causing the currency’s low point to drop below $2,200 within a week. However, after entering the weekend closing stage, the overall trend of Ethereum prices has rebounded, with a slight upward curve, but the upward trend is not yet significant.

Analysis suggests that the price of Ethereum has experienced the most significant decline among several mainstream currencies this week. Essentially, in the first two weeks, due to the continuous decline in Bitcoin prices, market funds bought a large amount of Ethereum to obtain short-term investment returns, causing the price of the currency to rise all the way above $2,500. But as the overall decline in the market led to a bearish trend, the price retracement of Ethereum itself was very obvious, almost falling all the way, and after entering the closing stage, the price trend only slightly rebounded. Overall, when the impact of market fluctuations related to Bitcoin is reflected in Ethereum, there will be a certain degree of lag in its coin price, which is determined by the specific market relationship between the two. They occupy the vast majority of the crypto market share. Given that the market has entered a stage of overall recovery, Ethereum prices are likely to slightly rebound next week, with a key resistance level of $2,300, and the probability of falling below $2,200 is relatively small.

Ethereum Price Data (Data Courtesy of CoinMarketCap)

Binance（BNB）

BNB fell 4.07% this week and closed around $305. This week, the market price of BNB fluctuated with the overall crypto market, and was affected by market smashing behavior. The coin price quickly fell within 23-24 days, fluctuated downward within the day, and reached a low of $288. After entering the weekend closing stage, it rose again and broke through the $300 level. Currently, the price remains above $300 with slight fluctuations.

Analysis suggests that although the price of BNB fluctuates greatly within a week, the difference between the opening and closing periods is not particularly significant. Overall, it is still greatly affected by market cycle fluctuations, and there are not many hot topics related to the Binance platform within a week. The price of this currency is more closely related to high-frequency trading behavior in the market. In the short term, the price of BNB will once again break through the $300 price range, and the probability of a rapid decline in the future is relatively small. However, whether it can further rise still needs to be judged by combining relevant information from the crypto market itself.

BNB Price Data (Data Courtesy of CoinMarketCap)

Solana（SOL）

SOL has shown a slightly different trend this week, rising 5.66% within a week and closing near $97. Although the price of SOL was also affected by market fluctuations this week and experienced a rapid decline, the market’s bullish expectations for the currency, coupled with the platform’s own hot topics, have driven the rapid rebound of the currency price. After entering the closing stage, it further rose. Within a week, the low point of SOL price fell below $80, reaching around $79, and the high point reached $99 but did not break through the key price level of $100.

Analysis suggests that the impact of market fluctuations on SOL this week is relatively small. Although the currency price experienced a rapid decline in the short term, two rounds of rapid upward volatility followed. It seems that in the current market, SOL, as one of the mainstream currencies, has a clear value in risk avoidance, especially when there are significant market fluctuations related to Bitcoin. SOL can provide investors with good investment value, which is closely related to the performance of the Solana ecosystem corresponding to this currency in the past quarter. In the short term, the SOL price has once again returned to the price range close to $100. With the overall market recovery, it is highly likely that the currency will break through the $100 mark, and the overall trend will still be dominated by slight fluctuations, continuing to operate around the key price of $100 for a period of time.

SOL Price Data (Data Courtesy of CoinMarketCap)

Ripple（XRP）

XRP fell 3.85% this week and closed near $0.5301. The price of XRP has been greatly affected by market fluctuations this week, starting from a rapid decline of $0.55. The low point within a week has fallen below the key price of $0.5, and there have been two rounds of upward and upward fluctuations in the subsequent period, but it has not returned to above $0.55. Currently, there is a sustained small fluctuation around the $0.53 price, and the trend is relatively stable.

Analysis suggests that the indirect impact of the market fluctuations on XRP during this week has been relatively long-lasting, which is also related to the lack of relevant hot spot stimuli for the currency itself. At present, the currency lacks upward trend and its growth is relatively weak. The overall crypto market is experiencing a pullback, and there will also be a short-term market trend for XRP. However, the foreseeable increase will not be particularly significant, and whether it can return to the $0.5 price level is crucial for this currency.

XRP Price Data (Data Courtesy of CoinMarketCap)

What is to come?

This week, the prices of BTC, ETH, BNB, SOL, and XRP have shown a further downward trend compared to last week, but the duration is short. Coupled with the impact of the correction in the crypto market, many currencies have shown certain upward trends. However, there is still a significant difference in the weekly fluctuations between them, and further adjustments need to be made in conjunction with the subsequent trends of the crypto market. 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.