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The chart continues to turn green for Bitcoin and altcoins in recent days. News of ceasefire talks between the US and Iran and the possibility of the war ending has positively impacted the market, and one analyst stated that the uptrend could continue for Bitcoin, Ethereum, and $XRP.
Gareth Soloway, who has 24 years of experience in technical analysis, shared his price expectations for $BTC, $ETH, and $XRP in his latest YouTube video.
1) Bitcoin ($BTC):
While noting that Bitcoin has upside potential in the short term, the analyst argued that the longer-term outlook is bearish.
“The micro-model is bullish and potentially could reach $80,000. However, the macro-model seems to show a more bearish trend.”
The analyst first stated that for Bitcoin to maintain its bullish outlook in the short term, it needs to hold the $64,000 to $67,000 levels as support.
Conversely, according to the analyst, if the macroeconomic model materializes, the direction will be downward. At this point, the first significant support level would be $50,000, while in the worst-case scenario, the price could fall to the $30,000 level.
2) Ethereum ($ETH):
The analyst first noted that Ethereum had formed and maintained a critical trend line above $2,000.
At this point, the analyst stated that as long as this level is maintained, the $ETH price targets would be $2,400 and then $2,600-$2,700.
Noting that the upward and downward trend lines intersected at the beginning of May, the analyst said that the next few weeks will be very critical.
In a negative scenario, if Ethereum falls below $2,000, a larger decline could occur.
3) $XRP:
The analyst, who stated that he expects an increase in $XRP in the short term, argues that a bullish flag pattern has formed.
At this point, if the current level of $1.4 is maintained, the price is estimated to rise to $1.5-$1.55 in the short term. If this resistance zone is also broken, the price could reach $1.7-$1.8.
However, if the $XRP price fails to hold $1.12 and closes below this level on a daily basis, it could fall below $1.
*This is not investment advice.