Crypto Analyst Ali Martinez Offers Bearish Outlook for XRP, Bitcoin, and Chainlink
Crypto analyst and trader Ali Martinez is sharing his bearish sentiments on one large-cap altcoin while providing insights into the future of Bitcoin (BTC) and Chainlink (LINK).
XRP Faces Bearish Trend
Martinez, with a social media following of 134,800 on X, predicts a potential 37% drop in the price of XRP, the fourth-largest cryptocurrency by market cap. He points to a head-and-shoulders pattern on the daily chart, indicating a loss of bullish momentum.
At the time of writing, XRP is trading at $2.05.
Bitcoin’s Potential Bullish Reversal
Martinez suggests that Bitcoin could turn bullish if it successfully retests a crucial support level. He is closely monitoring BTC’s short-term holder (STH) realized price, which tracks the average acquisition price of all STHs. Reclaiming the STH realized price at $90,570 could signal a resumption of the bull run for Bitcoin.
Bitcoin is currently priced at $83,300.
Bitcoin Profit-Taking and Chainlink Concerns
Martinez notes a trend of profit-taking in the Bitcoin market as older coins are being moved back to exchanges. Over $88 million worth of BTC, totaling more than 1,058 coins, were transferred by long-term holders in a single day.
Regarding Chainlink, Martinez warns of a potential bearish turn as the altcoin tests an ascending trendline on the weekly chart that has supported its bullish momentum since July 2023.
Chainlink is currently trading at $12.63.
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