A closely watched crypto analyst says payments-focused altcoin XRP may be forming a bullish technical pattern that could lead to an exponential breakout.
Ali Martinez tells his 108,000 followers on social media platform
“XRP is still consolidating within the banner of a massive bull pennant pattern. Until the $2.73 resistance is broken, a pullback to $2.05 remains possible before a potential break to $11 can occur!”
Using Fibonacci extensions, Martinez appears to predict that XRP will fall to its support at $2.05 before launching a dizzying 436% rally towards its upside target.
At the time of writing, XRP is trading at $2.42.
Looking at Bitcoin, the trader says he remains cautiously optimistic due to the potential for BTC to form a potential head-and-shoulders structure – a bearish technical pattern that sometimes precedes a price decline.
“I am cautiously bullish because for all we know, Bitcoin BTC could form a head-and-shoulders pattern that expects a correction to at least $78,000. This is why a strong close above $100,000 is crucial to negate this bearish setup.”
Based on the trader’s chart, he seems to predict that Bitcoin could fall below $80,000 if the bearish pattern materializes.
At the time of writing, Bitcoin is trading at $98,536, sideways on the week and down 9% from its all-time high.
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Generated image: Midjourney