The cryptocurrency market has gained new momentum. The leading crypto Bitcoin managed to reach the limit of 102 thousand dollars. The altcoin market is also active. Ripple’s floor token XRP Coin has also surpassed Tether’s USDT in this rise. While the market is feeling hope again, one analyst with a large following is worried about Bitcoin. However, the analyst says that XRP is forming a bullish technical pattern that could potentially lead to an exponential breakout.
Analyst charts the route to $11 for XRP Coin!
As you have been following on Kriptokoin.com, the market started the new week with a bullish run. However, it remains unclear whether this run will continue. Still, analysts are holding out hope for strong bullish sentiment for some tokens. Veteran analyst Ali Martinez says that XRP is trading in a big bull pennant. In this pattern, a period of consolidation is usually followed by a breakout. In this context, the analyst charts the path to $11 for XRP Coin:
XRP is still consolidating within the pennant of a large bullish pennant pattern. Until $2.73 resistance is broken, a pullback to $2.05 remains possible before a potential breakout to $11!
Source: Ali Martinez
Ali Martinez uses Fibonacci extensions in his analysis. According to his chart, the analyst predicts that XRP will fall to the $2.05 support before launching a staggering 436% rally towards its upside target. Meanwhile, at the time of writing, XRP Coin was trading at $2.44, up 3.2% on a daily basis. The token is up more than 21% on the weekly chart.
Ali Martinez: I’m cautiously optimistic about Bitcoin!
The analyst also looks at the leading cryptocurrency Bitcoin. Ali Martinez says that BTC remains cautiously optimistic due to its potential to create a potential head and shoulders structure. This pattern is a bearish technical pattern that sometimes precedes a price drop. Hence, the analyst shares the following assessment:
I am cautiously bullish because for all we know, BTC could be forming a head and shoulders pattern that predicts a correction to at least $78,000. Therefore, a strong close above $100,000 is crucial to invalidate this bearish pattern.
Source: Ali Martinez
According to his chart, the analyst predicts that Bitcoin will fall below $80,000 if the bearish pattern materializes. Meanwhile, at the time of writing, Bitcoin was trading at $101,952.
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