The recovery in Bitcoin and altcoins that began last week has given way to a decline following the sell-off news from Strategy.
As the BTC price falls below $62,000, Ethereum and altcoins are also experiencing significant declines.
With the FOMC minutes expected to be released this week, one analyst says the crypto market has entered a significant recovery phase in the short term.
However, the analyst also warns that the bear market trend is not yet over and further declines are likely later in the year.
In this context, Gareth Soloway, who has 24 years of experience in technical analysis, shared his price expectations for Bitcoin, Ethereum, and XRP in his latest YouTube video.
1) Bitcoin (BTC):
The analyst indicates that the short-term target is the $73,000 to $74,000 range, where a significant downward trend line acts as resistance.
The analyst also notes that he will maintain his short-term bullish outlook if Bitcoin remains above $58,000 on a closing basis.
However, the analyst adds that this expectation is short-term, that the final phase of the bear market has not yet arrived, and that he expects Bitcoin to eventually fall below $50,000 as part of the final phase.
2) Ethereum (ETH):
Analysts note that Ethereum, the largest altcoin, has broken out of a significant trendline structure, and the first resistance will be around $1,800.
The analyst, who believes ETH will break through this resistance, stated that ETH will rise towards $2,000 and will reassess itself at that level.
3) XRP:
The analyst, who also stated that he expects a short-term rise for XRP, noted that the wedge formation on the XRP chart is breaking out, which could mean further upside.
According to the analyst, XRP has broken out of a multi-month wedge formation that extends until early 2025. The analyst believes that the longer the wedge formation lasts, the larger the breakout movement tends to be.
Finally, the analyst added that before the next upward move in XRP, he expects a pullback towards $1.1, and then targets the $1.25 resistance zone.
