Bitcoin and altcoins have suffered significant losses in the declines since October.
As investors wonder when the current bear market will end and what direction cryptocurrencies will take, analyst Gareth Soloway has shared his expectations regarding Bitcoin (BTC), Ethereum (ETH), and XRP.
In his latest YouTube video, the analyst explained his expectations, predicting that the market could experience a short-term recovery, but also potential volatility.
Accordingly, cryptocurrencies, including Bitcoin, Ethereum, and XRP, may experience a temporary recovery rally before the market determines its long-term direction.
1) Bitcoin (BTC):
The analyst said Bitcoin’s recent price movements show signs of a bullish consolidation pattern that typically emerges when buyers begin accumulating during times of fear.
At this point, Bitcoin may attempt a short-term recovery towards the $80,000-$85,000 region. However, strong resistance is expected in this area.
2) Ethereum (ETH):
Noting that Ethereum generally follows Bitcoin’s trend cycles, the analyst said, “If Bitcoin stabilizes, it means Ethereum could also join a short-term recovery rally.”
However, according to the analyst, ETH’s long-term performance will depend on whether the broader market forms a clear bottom.
The analyst, who also predicts that Ethereum could experience a recovery rally, estimates a rebound towards the $2,600 region, which represents the lower boundary of the previous consolidation zone.
3) XRP:
Noting that uncertainty prevails in XRP, the analyst predicts that XRP bulls need to break above the $1.78 resistance zone to regain upward momentum.
If XRP manages to break above this level, it could break the current downtrend and begin to stabilize. Conversely, if the resistance cannot be overcome, the price may remain under pressure and continue to fall.
*This is not investment advice.
