Bitcoin and altcoins experienced a pump dump between Donald Trump's strategic crypto reserve and new tariffs imposed on Canada and Mexico.
While investors are wondering whether the decline will continue, Ali Martinez, one of the well-known analysts of the cryptocurrency market, shared his expectations for BTC and XRP.
The analyst warned that XRP is at risk of a major drop to $1.
The analyst said that the bearish prediction is based on a head-and-shoulders pattern that has formed on XRP’s daily chart.
Noting that $2 forms the neck of the pattern and acts as a strong support level, the analyst said that the decline in the last 24 hours forms a shoulder of the pattern.
The analyst lastly said that a possible breakdown below $2 in XRP could trigger a decline and the price could drop to $1.
What is the Critical Level for Bitcoin?
The analyst also shared his Bitcoin analysis apart from XRP. Stating that the 50-week moving average has historically been important for the Bitcoin price, the analyst said that this level acts as a magnet for trend changes.
Stating that this level for Bitcoin is $75,500, the analyst predicted that a possible recovery could occur from this level.
*This is not investment advice.
