After six days of a strong uptrend, Bitcoin and other crypto assets finally slipped on Wednesday. The leading digital asset fell to $7,800, down 8% from its weekly high, while altcoins posted very similar losses. While the selling pressure has slowed at the moment, with BTC finding support at $7,800, leading other cryptocurrencies to stabilize, an analyst is certain that XRP is poised to fall 25% from current levels to the $0.15 range.
XRP Poised For 25% Collapse
Prominent cryptocurrency analyst Magic recently noted that he is looking to “buy XRP next around $0.15,” which is around 25% lower than the current price of $0.2054. He added that he’s looking towards this target because his analysis suggests “BTC and crypto remain in a bear market… despite the recent (and expected) relief rally, the bears still have control.”
I'm looking to buy XRP next around 0.15, and I'll be looking at a potential long in BTC on a successful hold of the 200 week, near the low to mid 5000s.
BTC and crypto remain in a bear market. Despite the recent (expected) relief rally, the bears still have complete control.
This comes shortly after Calmly, another cryptocurrency trader, noted that recent price action in the XRP/BTC trading pair constituted a bearish retest of a key resistance, implying that said resistance remains intact on a medium-term basis.
For instance, $8,400 is where Bitcoin’s 20-week simple moving average lies, which is a moving indicator that has been key in indicating macro reversal points for BTC over the past 18 months. On the matter, an analyst going by The Moon wrote:
“This moving average has historically marked VERY important turning-points for Bitcoin, both bullish and bearish. A rejection here could lead to a break below $6,000. If broken, BTC could reach $9,450 quickly!”
Also, Teddy noted that $8,400 was also a subjective diagonal resistance level and a 200-day exponential moving average, further adding to the bearish thesis.