The cryptocurrency market has gained new momentum. The leading cryptocurrency Bitcoin has managed to rise to the $ 102,000 level. The altcoin market is also active. Ripple's token XRP Coin has achieved significant success by leaving Tether's USDT behind with this rise. While the market is showing a hopeful outlook again, an analyst with a large follower base is expressing concerns about Bitcoin. However, the analyst states that XRP has developed a technical model that could be a sign of a potentially significant rise.
Analyst Plots Route to $11 for XRP Coin!
As you follow on Kriptokoin.com, the market started the new week with a bull market. However, there are uncertainties about whether this rise will continue. Nevertheless, some analysts continue to expect strong increases for certain tokens. Experienced analyst Ali Martinez states that XRP is trading in a large bull pennant formation. This formation usually indicates a strong breakout after a consolidation period. The analyst explains the potential of XRP Coin to reach $ 11 as follows:
“XRP continues to consolidate inside a major bullish pennant formation. Until the $2.73 resistance level is broken, a pullback to $2.05 is possible before reaching $11.”
Ali Martinez calculates the possible movements of XRP using Fibonacci extensions in his analysis. According to the analyst, XRP could first fall to $2.05, then start a staggering 436% rise. Meanwhile, XRP Coin is trading at $2.44, up 3.2% on the day and gaining more than 21% on a weekly basis.
Bitcoin Head and Shoulders Pattern Warning
Analyst Ali Martinez also shares his views on the leading cryptocurrency Bitcoin. Martinez states that he is cautiously optimistic due to the possibility of BTC forming a potential “head and shoulders” formation. This formation is a technical pattern that is often seen before a price drop. In this context, the analyst makes the following prediction for Bitcoin:
“I am bullish but I think it is important to be careful. BTC may be forming a head and shoulders pattern that could signal a correction towards $78,000. Therefore, a strong close above $100,000 will be important for the bearish pattern to be invalidated.”
Ali Martinez predicts that if this bearish pattern occurs, Bitcoin could fall below $80,000. At the time of writing, Bitcoin was trading at $101,952.