A widely followed crypto analyst has stated that he expects the price of Bitcoin (BTC) to drop, while claiming that the popular altcoin XRP could rise.
Crypto analyst Altcoin Sherpa, evaluating the recent market movements, said that XRP paints a positive picture. Altcoin Sherpa says XRP is trending to appreciate and has bullish potential. stressed. According to altcoin Sherpa, if XRP breaks the critical resistance at $0.60, it could rally to a level last seen in April 2022.
“XRP: still one of the strongest altcoins right now. I am not a buyer at this level, but if we can strongly break through this supply zone, I can target areas as high as $0.80.”
XRP is trading at $0.47 at press time. A move towards the analyst’s target represents a 70% rise.
However, the analyst took a more cautious approach to the state of Bitcoin. Altcoin Sherpa predicts that if Bitcoin falls below the current support level of $25,000, a sharp correction to around $20,000 is possible. In this scenario, it seems likely that the leading crypto asset will depreciate and there will be a drop that may attract the attention of investors.
“BTC: I always thought $25,000 was an ordinary level but maybe it isn’t, maybe this is the current level support zone. If we lose this level, I would expect a drop to $22,000 or lower. Still, support is support… for now.”
The crypto strategist also adds that he is cautious about Bitcoin for now, as BTC has price gaps between $24,000 and $20,000.
Market experts watch price gaps closely as they tend to fill over time. The price gap can be considered as an indicator that there is a certain volatility and liquidity situation in the Bitcoin futures market.
Altcoin Sherpa said:
“There is also a noticeable gap between $24,000 and $26,000. I’m waiting for this to be filled eventually. The CME (Chicago Mercantile Exchange) gap is also around $20,000. (…) For now, I am quite cautious.”
Bitcoin is trading at $25,070 at press time.
You can check the price movements here.