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What’s Next for Bitcoin, Ethereum and XRP? Crypto Analyst Says One Metric Will Confirm New Bull Trend


Crypto analyst and founder of Texas West Capital, Scott Melker, is not convinced that Bitcoin (BTC) has firmly shifted out of its brutal crypto winter to start a new long-term bull trend.

According to Melker, BTC must cross one more crucial level of resistance at $10,584 to confirm a trend reversal. BTC last touched that level back in October of 2019.

“Delete everything from your chart. There’s only one line that matters now. A break of this line would be the first macro higher high since the 14K top. Movement above and a flip to support would effectively end the ‘bear market’ argument. Higher high = confirmed bull trend.”

Source: Scott Melker/Twitter

Meanwhile, a popular strategist known in the industry as Bleeding Crypto says a healthy correction is likely coming after BTC’s meteoric 2020 climb from $7,233 at the start of the year to its current price of $10,189.

“Please have a reasonable expectation of the market. Look left on the charts and when was the last time the market went green for a good period of time with no correction. Don’t HODL, rather secure profits and ‘Rinse and Repeat’.”

The analyst has a similar outlook for Ethereum (ETH). He argues that the second-largest cryptocurrency by market cap could hit $285 before dropping to a support level as low as $185.

“Market continues to put in green after green after green, but this is not sustainable. Correction are necessary/healthy. I am looking for a possible [ETH] correct here, but FOMO might take her up as high as the 100EMA on the weekly ($285) We will have to see”

Source: Bleeding Crypto/Twitter

As for XRP, the trader has similar advice for anyone feeling an intense fear of missing out. He believes a correction is also overdue for the digital asset, which is trading at $0.3232, up 67% since January 1st, according to CoinMarketCap at time of publishing.

“I am seeing too many people talking about taking a position right now on XRP. I would advise you to think it over. This is what I think we may see here. No one likes to buy when it’s down but it’s amazing how many people love buying the tops of candles.. I just don’t understand.”

Analyst Josh Rager is also expecting the crypto markets to go through a pullback. But he and fellow trader Cantering Clark also agree that in the crypto markets, nothing is certain and you can often expect the unexpected.

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