Crypto Market on the Rise: Expert Predicts Short-Term Rally to $85K

The crypto market has been experiencing a surge in recent times, and experts are weighing in on the potential for further growth. According to veteran trader Gareth Soloway, the current market conditions suggest a short-term rally is possible.

Soloway points out that Bitcoin has recently rebounded strongly after dipping near $60,000, creating a classic bullish consolidation pattern. This type of pattern often signals that buyers are quietly building positions before another upward push. As a result, Soloway believes Bitcoin is more likely to reach $80,000 before $50,000 in the short term.

He also notes that Ethereum has been showing strength, with recent price movements forming what he describes as a 'bull flag' pattern. This common breakout setup suggests that ETH could quickly climb toward $2,600 to $2,800, representing a potential 27% to 35% upside move in the near term.

However, Soloway cautions that heavy resistance sits in this zone, and if Ethereum reaches $2,600-$2,800, traders may see strong selling pressure. XRP, currently trading near $1.40, is in a more delicate position, but a rebound is still possible according to Soloway.