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A technical analyst with 24 years of experience shared short-term and long-term price forecasts for Bitcoin (BTC), Ethereum (ETH), and XRP
In recent days, Bitcoin and altcoin charts have continued to rise in the green zone. News about ceasefire negotiations between the U.S. and Iran and the possibility of ending the war has had a positive impact on 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 forecasts for BTC, ETH, and XRP in his latest YouTube video.
1) Bitcoin (BTC):
Noting Bitcoin’s short-term upside potential, the analyst stated that the long-term outlook remains bearish.
“The micro model indicates a bullish trend and the potential to reach $80,000. However, the macro model appears to show a more bearish trend.”
The analyst first noted that to maintain the bullish trend in the short term, Bitcoin needs to hold the $64,000–$67,000 levels as support.
On the other hand, according to the analyst, if the macroeconomic model plays out, the direction will be downward. In this case, the first significant support level would be $50,000, and in the worst-case scenario, the price could fall to $30,000.
2) Ethereum (ETH):
The analyst initially pointed out that Ethereum has formed and is maintaining an important trend line above $2,000.
At this stage, he stated that as long as this level holds, ETH targets are $2,400 and then $2,600–$2,700.
Noting that the upward and downward trend lines intersected in early May, the analyst emphasized that the next few weeks will be very important.
In a negative scenario, if Ethereum falls below $2,000, a more significant decline could occur.
3) XRP:
The analyst, who expects short-term growth for XRP, stated that a bullish flag pattern has formed.
At this stage, if the current $1.4 level holds, the price is expected to rise to $1.5–$1.55 in the short term. If this resistance level is also broken, the price could move up to $1.7–$1.8.
However, if XRP fails to hold the $1.12 level and closes below it during the day, it could fall below $1.
See also: "Crypto analyst Michaël van de Poppe reveals Bitcoin resistance levels"
