Bitcoin and altcoins have suffered significant losses during declines since October.
As investors wonder when the current bear market will end and what direction cryptocurrencies will take, analyst Gareth Soloway shared his expectations for Bitcoin ($BTC), Ethereum ($ETH), And $XRP.
In his latest YouTube video, the analyst explained his forecast, predicting that the market could see a short-term recovery, but also potential volatility.
As a result, cryptocurrencies including Bitcoin, Ethereum and $XRPcould experience a temporary recovery before the market determines its long-term trend.
1) Bitcoin ($BTC):
The analyst said Bitcoin’s recent price movements show signs of a bullish consolidation pattern that typically emerges when buyers begin to accumulate during times of fear.
At this point, Bitcoin could attempt a near-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, that means Ethereum could also join a near-term recovery rally.” »
However, according to the analyst, $ETHLong-term performance will depend on whether the market as a whole forms a clear bottom.
The analyst, who also predicts that Ethereum could see a recovery, estimates a rebound towards the $2,600 region, which represents the lower limit of the previous consolidation zone.
3) $XRP:
Noting that uncertainties prevail $XRPthe analyst predicts that $XRP The bulls need to break through the $1.78 resistance zone to regain bullish momentum.
If $XRP manages to break above this level, it could break the current downtrend and start to stabilize. Conversely, if resistance cannot be overcome, the price may remain under pressure and continue to fall.
*This does not constitute investment advice.
