The analyst stated that the uptrend could continue in the short term.
Bitcoin and altcoins have seen a significant rebound in the last 24 hours after experiencing a recent wave of decline.
Bitcoin (BTC) is once again approaching the $70,000 mark, while Ethereum (ETH) has surpassed $2,000.
As optimism in the market began to rise, one analyst said that these gains could continue, but would likely be short-lived.
In his latest YouTube video, experienced analyst Gareth Soloway said that the uptrend could continue.
Accordingly, he predicts that Bitcoin could rise to $80,000-$85,000, Ethereum could increase by 30%, and XRP could experience a significant surge if it surpasses the $2 level.
After experiencing a sharp drop towards $60,000, Bitcoin has recovered strongly. According to the analyst, this recovery has created a classic bullish consolidation pattern in Bitcoin.
At this point, the analyst predicts that Bitcoin is more likely to reach $80,000 before $50,000 in the short term.
The analyst sees a strong consolidation following the decline, a significant accumulation between $60,000 and $70,000, and extremely negative market sentiment as harbingers of a rise. According to the analyst, these situations could trigger the closing of short positions in Bitcoin and lead to an upward trend.
At this point, the analyst stated that the target range is between $80,000 and $85,000, but warned that this recovery and expectations do not necessarily mean a bull market.
The analyst noted that Ethereum showed great strength, rising above $2,000.
According to the analyst, Ethereum has formed a bullish flag pattern with this recovery. This suggests a potential short-term upside of 27% to 35% for ETH.
At this point, the analyst believes that if this upward trend continues, Ethereum could quickly rise to the $2,600 to $2,800 level.
However, if ETH reaches this region, it may encounter strong resistance and selling pressure.
The analyst, noting that XRP is in a more vulnerable position compared to Bitcoin and Ethereum, believes that XRP needs to surpass $2 for strong upward momentum.
The analyst noted that XRP is below a key support line, but a recovery is still possible, and identified resistance levels:
“First resistance at $1.60 and $1.90
Stronger second resistance around $2.00”
Finally, the analyst added that he believes XRP could experience a much larger surge if it manages to break above $2 and maintain that level.
