The global crypto market is back in the red zone after a Bitcoin-led bear market rally. In this environment, crypto analyst Toni Ghinea shares his predictions for 6 cryptocurrencies. Former Goldman Sachs executive Raoul Pal says Ethereum (ETH) is showing patterns ready for big rallies.
Analyst predicts decline for 6 cryptocurrencies, including Bitcoin
cryptocoin.comAs you follow, the crypto market started a rally in hopes of a dovish Fed after the US CPI data. However, Fed Chairman Jerome Powell dispelled that hope and sent the market into the red zone. Crypto analyst Toni Ghinea has shared their Q1 2023 predictions for a handful of cryptos.
According to the analyst, the leading crypto Bitcoin (BTC) will go below $ 15 thousand. Bitcoin was trading at $17,400, down 2% at press time. The analyst also says that the leading altcoin Ethereum (ETH) will trade below $700 and Binance Coin (BNB) below $180. At the time of writing, ETH and BNB fell 2.8% and 2.23% to $1,272 and $260, respectively. According to Ghinea’s forecasts, Polygon (MATIC) will fall below $0.40. Litecoin (LTC) will trade below $30. Finally, the analyst notes that Chainlink (LINK) will drop below $5.
Pal, who likes BTC’s performance, expects a rally from Ethereum
Macro guru Raoul Pal tells his 991,200 Twitter followers that the precious metal creates an inverted head and shoulders (H&S) chart. He also says that this also signals an imminent uptrend. In this context, the analyst makes the following statement:
There are many interesting market structures here, not just in crypto. Gold is a big upside [baş ve omuz] near.
Next, the analyst focuses on the Nasdaq (NDX), noting that a descending wedge pattern looks ready to break. “NDX is also trying to break the wedge…” Pal says.
Pal also says that Ethereum could exit a falling wedge pattern and find a higher support level at $1,500. The analyst expresses his opinion as follows:
ETH is breaking downtrend and falling wedge. The big test, the channel (Wave 2 retracement?) is about $1,500. Let’s see!
Finally, Pal reviews the past performance of Bitcoin (BTC). In line with this, he says that Bitcoin has been the best-performing asset in the last decade. The analyst shares the following assessment:
It’s interesting to see that over the past 10 years, BTC has been the best performing asset for seven of these 10 years. It was not the best performance, but the worst performance in years! But since 2013: BTC up 114,000%, NDX +392%, SPX (Standard & Poor’s 500 Index) +203%, Fed Balance Sheet +201%.
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