Technical analyst Gareth Soloway, who has 24 years of experience in technical analysis, shared his price expectations for Bitcoin, Ethereum, and XRP following last week's recovery that turned into a decline. The downturn was triggered by sell-off news from Strategy, pushing Bitcoin below $62,000 and causing significant declines in Ethereum and altcoins. With FOMC minutes expected to be released this week, Soloway stated the crypto market has entered a significant short-term recovery phase. However, he warned that the bear market trend is not yet over and further declines are likely later in the year. The analyst shared his technical outlook in his latest YouTube video, providing specific price targets and support levels for the three major cryptocurrencies.
Gareth Soloway Sets Bitcoin Price Targets Between $58,000 and $74,000
Soloway indicated that Bitcoin's short-term target is the $73,000 to $74,000 range, where a significant downward trend line acts as resistance. The analyst noted that he will maintain his short-term bullish outlook if Bitcoin remains above $58,000 on a closing basis. Soloway added 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.
Ethereum Breaks Trendline Structure With $1,800 First Resistance
Soloway noted that Ethereum 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.
XRP Wedge Formation Breakout Signals Move Toward $1.25
Soloway stated that he expects a short-term rise for XRP, noting 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. Soloway believes that the longer the wedge formation lasts, the larger the breakout movement tends to be. 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.
FAQ
What are Gareth Soloway's short-term price targets for Bitcoin?
Gareth Soloway indicated that Bitcoin's short-term target is the $73,000 to $74,000 range, where a significant downward trend line acts as resistance. He will maintain his short-term bullish outlook if Bitcoin remains above $58,000 on a closing basis.
What resistance levels did the analyst identify for Ethereum?
Soloway noted that Ethereum's first resistance will be around $1,800 after breaking out of a significant trendline structure. The analyst stated that ETH will rise towards $2,000 and will reassess itself at that level.
What technical pattern is XRP showing according to the analyst?
Soloway stated that XRP has broken out of a multi-month wedge formation that extends until early 2025. Before the next upward move, he expects a pullback towards $1.1, and then targets the $1.25 resistance zone.
