In recent days, the cryptocurrency market has been influenced by various factors, including strategic crypto reserves and new tariffs for Canada and Mexico. Well-known analyst Ali Martinez shared his forecasts for BTC and XRP.
Brief Overview of the Cryptocurrency Market Situation
Bitcoin and altcoins experienced rapid price changes, raising investors' interest in the market's future direction.
XRP Analysis: Risk of Falling to $1
Analyst Ali Martinez noted that a head-and-shoulders pattern has formed on XRP’s daily chart. The $2 level forms the neck of the pattern and acts as a strong support level. However, the current market decline is forming a shoulder of the pattern, which could lead to XRP dropping to $1 if it breaks below $2.
Critical Level for Bitcoin
The analyst also provided his view on Bitcoin, noting the importance of the 50-week moving average, which has traditionally played a significant role in Bitcoin’s price changes. The $75,500 level is highlighted as critical for potential recovery.
Analyst Ali Martinez advised attentiveness to the critical levels for Bitcoin and XRP, considering potential significant changes in their prices.
