Bitcoin seems to have a bit of difficulty trying to surpass the important $10k psychological level once more – this is what more crypto holders have been waiting for these days amidst huge volatility in the crypto space.
Now, a top crypto analyst, Peter Brandt, addresses the current state of the market and compares the situation of XRP and ETH.
XRP in the crypto market
Brandt became popular in the crypto market after calling the collapse of BTC at the height of the last bull cycle, as reminded to readers by the online publication the Daily Hodl.
He said that traders should watch out for a bearish head-and-shoulders pattern that might be forming for XRP.
Such a pattern is a pretty rare one, and analysts keep an eye out for such formations due to their potential to signal massive trend reversals.
“They consist of a right peak, a left peak and a larger spike in the middle. They are confirmed when the price begins to ripple below the line of support,” according to the online publication mentioned above.
If the pattern plays out, the crypto analyst said that XRP may be targeting 20 cents.
“It will be interesting to see if this H&S top plays out. If so, the target would be .2071. This Tweet poses a possibility. This is not a prediction.”
ETH and BTC predictions
On the other hand, he said that he is feeling bullish over ETH these days.
Regarding BTC, he said that he’s still bullish and he still believes that BTC is in the early stages of a parabolic bull run that could take the most important coin to $100k.
At the moment of writing this article, all the three digital assets are trading in the red.
Despite the huge volatility, there are various optimistic predictions that still pop up in the crypto space regarding Bitcoin.