The cryptocurrency market is struggling to find direction. Macro indicators and regulatory pressures are not allowing crypto to exit the bear market. However, some altcoin projects are making a breakthrough in places. In this environment, a crypto analyst is updating the outlook on Bitcoin (BTC) and Ripple (XRP). He also says that the leading altcoin Ethereum (ETH) is poised to rise.
Analyst expects drop for Bitcoin and Ripple
Cryptocurrency analyst nicknamed Altcoin Sherpa, who has a large following, is making a bearish forecast for Bitcoin (BTC). cryptocoin.comAs you follow, the leading cryptocurrency reached $ 20,377 this week. It is currently trading at $19,462. The analyst says that the BTC price will likely continue to trade in the $18,200 and $19,500 range. In this context, he uses the following expressions:
BTC: Are we still having fun?
Altcoin Sherpa then looks at the price action of Ripple (XRP). The analyst says the charts show that XRP is unlikely to rise any time soon. Ripple is currently the sixth largest crypto asset by market cap. In addition, XRP is currently trading at $ 0.48. The analyst makes the following statement for his prediction:
XRP: While checking this 1 again, I stopped and took a small loss on my previous trade. I think it’s bouncing around 0.41. This is .618 fib. (Fibonacci level). It doesn’t look great right now though.
“Leading altcoin poised to rise”
However, the analyst expects gains for Ethereum. Altcoin Sherpa predicts that ETH will rise after bottoming out.
The analyst predicts that the leading altcoin could rise to $1,500 from its current price of $1,332. In this context, the analyst makes the following assessment:
ETH: I think it’s forming a short-term bottom. I expect more blows. Wait for the exponential moving averages to catch up with the price in 4 hours. Then I predict a move up to at least $1,500+.
“This is encouraging for leading crypto and leading altcoin”
Meanwhile, Santiment says that Bitcoin and Ethereum seem to be moving away from the equity market as falling stock prices have not affected the two largest cryptocurrencies by market cap. The crypto analytics firm notes that this development is encouraging. In this direction, Santiment makes the following statement:
Bitcoin is holding around $19,400 and Ethereum at $1,340 today. But the story is that they do so without the support of the SP500, down -2.4%. If the correlation between crypto and stocks is fading, that’s very encouraging.
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