Trader Says Bitcoin Could Crash by Double Digits, Outlines Path Forward for Ethereum and XRP
Cryptocurrency analyst and trader Ali Martinez is warning of a massive Bitcoin crash if BTC fails to hold one key level as support amid this week’s market decline.
Martinez tells his 158,100 followers on X that Bitcoin may decrease more than 14% from its current value if the flagship crypto asset fails to hold $107,200 as support.
“$107,200 is the crucial support for Bitcoin. Lose it, and $100,000 or even $93,000 come into play.”
Source: Ali Martinez/X Bitcoin is trading for $109,020 at time of writing, down 2% in the last 24 hours.
Next up, the analyst says that based on the MVRV (Market Value to Realized Value) Extreme Deviation Pricing Bands, if Ethereum holds $4,841 as a support level ETH may soon hit a new all-time high.
The MVRV Extreme Deviation Pricing Bands are used in on-chain analysis to identify potential market tops and bottoms.
“Ethereum must break $4,841 to reverse the downtrend and aim for $5,864. Fail, and a correction to $2,750 comes into play.”
Source: Ali Martinez/X ETH is trading for $3,953 at time of writing, down 1.2% in the last 24 hours.
Looking at XRP , the analyst says that the payments token must hold $2.70 as support to potentially regain bullish momentum in the near term.
“XRP must hold $2.70 support to keep the chance of a rebound to $3.20 alive!”
Source: Ali Martinez/X XRP is trading for $2.74 at time of writing, down 3.2% on the day.
Featured Image: Shutterstock/IgorZh
