Top Crypto Expert Shares His Outlook on Some of the Biggest Coins
Crypto analyst and trader Ali Martinez has shared a bearish outlook for XRP and Bitcoin (BTC) in his latest market analysis.
Martinez warns that some crypto tokens like XRP could face a substantial decline if it fails to recover key support levels.
XRP’s Bearish Signal: Head-and-Shoulders Pattern
Martinez points to a head-and-shoulders pattern forming on XRP’s daily chart as a key indicator of potential bearish momentum. The head-and-shoulders pattern is a classic technical analysis formation that signals a reversal from a bullish trend. In XRP’s case, the failure to print new highs with the right shoulder suggests that the asset may be losing bullish momentum.
At the time of writing, XRP is trading at $2.05, and Martinez warns that the altcoin could plummet by around 37% from its current level. If the pattern plays out as expected, this could lead XRP to a significant drop, making it one to watch closely for potential traders.
Bitcoin’s Path to Bullish Momentum
On a more positive note, Martinez also provided his outlook for Bitcoin. According to the crypto analyst, Bitcoin could turn bullish if it successfully retests a key price level as support. Specifically, Martinez is keeping a close eye on BTC’s short-term holder (STH) realized price, which tracks the average price at which short-term holders acquired their coins. Short-term holders are defined as wallets that have held their coins for 155 days or less.
Martinez believes that the first sign of Bitcoin’s potential bull run resumption will be reclaiming the short-term holder realized price, which currently stands at $90,570. As of now, Bitcoin is trading at $83,300, and reaching this level could signal a shift in market sentiment, setting Bitcoin up for a possible rally.
Signs of Profit-Taking in the Bitcoin Market
In his analysis, Martinez also notes signs of profit-taking in the Bitcoin market, with older coins being moved back to crypto exchanges. According to data from blockchain analytics platform CryptoQuant, over 1,058 BTC, worth around $88 million at current prices, were moved by long-term holders in just one day. Long-term holders are defined as entities that have kept their coins inactive for more than 155 days.
This movement of coins could indicate that long-term holders are starting to take profits, which might signal caution for short-term traders, though it could also provide an opportunity for new buyers if the price retraces.
Conclusion: Caution for XRP, Opportunity for Bitcoin
Ali Martinez’s analysis suggests a cautious outlook for XRP, with the potential for a 37% drop if the head-and-shoulders pattern plays out. However, his view on Bitcoin is more optimistic, with a focus on the short-term holder realized price as a key metric for identifying a bullish trend. As always, market conditions can change rapidly, and both XRP and Bitcoin remain closely tied to broader market sentiment, making it important for investors to monitor these levels carefully.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
