Crypto analyst Melika Trader has warned about a bearish pattern that could be forming for the Bitcoin price. Based on this, the analyst predicts that the largest crypto by market cap could crash to as low as $78,000. 

Bitcoin Price Forming Head And Shoulders Pattern 

In a TradingView post, Melika Trader revealed that the Bitcoin price is forming a complex head-and-shoulders pattern. He remarked that the left shoulder and double head had already formed while the right shoulder is currently forming, with BTC at risk of suffering a massive crash once this happens. 

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As part of the expected move, Melika Trader suggested that the Bitcoin price could show a possible fake breakout above the resistance between $87,000 and $88,000. Once that happens, the analyst predicts that a strong drop will follow, with BTC dropping to as low as $78,000, which is the first support area. 

The Bitcoin price has surged past the $90,000 mark on the back of the US Dollar dropping to new lows and has continued to reach new highs, leading to optimism that it could soon reclaim $100,000. There is the possibility that BTC could still rally to as high as $98,000 before any massive correction.

Crypto analyst Ali Martinez revealed that on-chain data shows that the next key area of resistance for the Bitcoin price is between $95,600 and $98,290. That range acts as a major supply wall, as 1.65 million addresses bought 1.09 million BTC around that area. Bitcoin’s next move will depend on whether these holders choose to hold or offload their coins as soon as it reclaims this range. 

However, it is worth mentioning that crypto whales are actively accumulating BTC, which is bullish for the Bitcoin price. Martinez revealed that over 17,000 BTC have been withdrawn from exchanges in the past week. 

BTC Eyeing Rally To A New All-Time High

Crypto analyst Titan of Crypto has predicted that the Bitcoin price could soon rally to as high as $137,000, marking a new all-time high (ATH) for the leading crypto. He stated that BTC has finally broken out of a bull pennant, with two strong consecutive daily bullish candles, confirming this move. The analyst added that the projected target is $137,000 if this bull pennant is confirmed. 

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Crypto analyst Egrag Crypto stated that a daily close above $93,000 will send a strong bullish signal, while raising the possibility of BTC rallying above $100,000. He claimed that any retracement fears will be eliminated if the leading crypto closes above $103,000. 

At the time of writing, the Bitcoin price is trading at around $93,000, up over 5% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com

Popular analyst Peter Brandt has provided a bearish outlook for the XRP price, predicting that the altcoin could drop below the $2 support. As part of his analysis, he highlighted a head-and-shoulders pattern that could spark the breakdown below $2. 

Peter Brandt Identifies XRP Head And Shoulders Pattern

In an X post, Brandt revealed that XRP is forming a textbook head-and-shoulders pattern, which has caused the altcoin to range-bound. He added that the head-and-shoulders pattern projects a price decline to as low as $1.07. The analyst’s accompanying chart showed that XRP could witness a freefall to this target if it loses the $1.9 support. 

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Crypto analyst CasiTrades had also recently raised the possibility of XRP dropping to as low as $1.54. She revealed that a break below the $2.25 support and lower support at $1.90 could lead to this breakdown to $1.54. However, the analyst suggested that the probability of this happening was really low, as the $2.25 support is holding really strongly. 

Meanwhile, crypto analyst Ali Martinez also discussed the head-and-shoulders pattern that had formed for the XRP price. In an X post, he stated that if XRP can break above $3, it would invalidate the current head-and-shoulders pattern, a development that could flip the altcoin’s outlook to bullish. In his analysis, Brandt had also hinted that a rally above $3 could invalidate the bearish pattern. 

Martinez’s accompanying chart showed that XRP could drop to as low as $1.25 if this head-and-shoulders pattern plays out. In another post, he again raised the possibility of XRP suffering this price breakdown, while stating that the $2 price level remains the critical support level for the crypto. 

Bullish Outlook For The Altcoin

In an X post, crypto analyst Dark Defender provided a bullish outlook for the XRP price, predicting it could reach as high as $23.20. The analyst claimed that the third wave targets a rally of between $5.85 and $8.076. Meanwhile, the fifth wave is expected to finish the move between $18.22 and $23.20. 

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This prediction came as part of Dark Defender’s analysis of the 3-month candle. He affirmed that XRP boasts a clear bullish momentum on this higher timeframe. He added that there are ups and downs in smaller time frames, but the higher frames supersedes the smaller ones. 

In another post, the analyst assured XRP’s consolidation will be over soon. He revealed that the altcoin has formed a great bullish rectangle pattern and that the next leg up will send it to new all-time highs (ATHs). 

At the time of writing, the XRP price is trading at around $2.25, down over 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com

Crypto analyst TradinSides has suggested that it might be time for investors to start closing their XRP long positions. This came as the analyst revealed a bearish pattern, which showed that the XRP price could witness a significant crash. 

XRP Price Could Crash As Head And Shoulder Pattern Forms

In a TradingView post, TradinSides predicted that XRP could crash as the price could form the Head and Shoulders pattern, driving the crypto to $2.2 or below. The analyst stated that this price correction could happen if some bullish fundamentals don’t happen for the altcoin as expected. The fundamentals that TradinSides cited include the RLUSD stablecoin and the upcoming XRP ETFs. 

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While these fundamentals present a bullish outlook for the XRP price, the crypto analyst stated that XRP still stands under heavy selling pressure due to the SEC’s decision to appeal the Ripple case ruling, which is impacting demand and market sentiment. TradinSides alluded to SEC Commissioner Caroline Crenshaw’s reappointment and how it could ultimately impact the Ripple case and the XRP price. 

The analyst noted that Crenshaw’s reappointment is set for December 18. However, if Crenshaw’s renomination fails, Donald Trump could nominate a new Commissioner. Crenshaw’s renomination is significant as the SEC must file its opening brief in the appeal case on January 15. 

If she is reappointed, she could vote in favor of the Commission filing its opening brief since she has been known to take an anti-crypto stance on several occasions. The crypto analyst believes the altcoin could face selling pressure if the SEC pursues the appeal. 

On the other hand, if the SEC withdraws its appeal, TradinSides predicts that the Commission could also withdraw its appeal. This would lead the agency to approve the pending XRP ETF applications, which could drive demand up. If this doesn’t happen, the crypto analyst predicts that the Head and Shoulders pattern could drive the XRP price to $2.2.

The State Of Things

In an X post, crypto analyst Dark Defender provided an update on the current XRP price action. He stated that the 4-hour time frame confirms the break for XRP. The analyst added that the daily time frame will be confirmed above $2.52. Once XRP breaks above that level, Dark Defender predicts that the altcoin will then rally to $2.72. 

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The crypto analyst also highlighted crucial targets to watch out for. He stated that $5.85 and $8.76 are short-term targets. Meanwhile, he mentioned that $2.29, $2.24, $2.10, and $2.02 are support levels to watch out for. Dark Defender has before now predicted that the XRP price would eventually reach $18 in this market cycle. 

At the time of writing, the XRP price is trading at around $2.41, up in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

Kevin O’Leary, the acclaimed investor from the hit TV series “Shark Tank,” has recently expressed his reservations about the value of Bitcoin exchange-traded funds (ETFs). Despite his recognition as a long-standing Bitcoin investor, O’Leary sees limited appeal in the current frenzy surrounding Bitcoin ETFs. His primary concern revolves around the fees charged by ETF issuers, which he believes offer little benefit to investors like himself who prefer holding Bitcoin for the long term.

ETF Landscape: A Mixed Outlook

The approval of ETFs by the U.S. Securities and Exchange Commission (SEC) was initially met with enthusiasm, marking a significant regulatory milestone. However, O’Leary predicts a survival challenge for many of these ETFs. He anticipates that only a few, particularly those backed by powerhouses like Fidelity and BlackRock, will thrive due to their robust sales networks. This prediction aligns with Galaxy Digital CEO Mike Novogratz’s expectations, foreseeing a standout performance from two or three ETFs amidst the competitive landscape.

Despite his stance on Bitcoin ETFs, O’Leary acknowledges the broader positive impact of their SEC approval. He believes this development could encourage further exploration into digital payment systems, such as the dollar-linked stablecoin USDC. However, his optimism is tempered by a realistic view of the nascent crypto industry.

Market Response to Bitcoin ETF Launch

The introduction of spot Bitcoin ETFs led to heightened market volatility. After peaking at $49,000, Bitcoin’s price experienced a decline, settling at $42,694. The initial trading of these ETFs involved a significant $4.6 billion worth of shares, indicating growing institutional interest. However, this enthusiasm was quickly followed by a price pullback, sparking debates about the long-term influence of these ETFs on Bitcoin’s value.

O’Leary’s Long-Term Bitcoin Outlook

O’Leary is bullish on Bitcoin’s potential, projecting a surge to $150,000 – $250,000 by 2030. However, this forecast is more conservative than Cathie Wood’s ambitious $1.5 million target. O’Leary suggests that such a high valuation would imply major economic disruptions in the U.S., a scenario he finds unlikely.

Read Also: Spot Bitcoin ETF: Here’s How Many Coins BlackRock Currently Holds

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.