Cryptocurrency Expert Predicts Short-Term Rally with Potential Price Targets

A recent analysis suggests that the cryptocurrency market may be on the cusp of a short-term rally, with Bitcoin expected to reach new heights in the near future. According to Gareth Soloway, a seasoned trader, the current bullish setup indicates that buyers are quietly building positions ahead of another upward push.

Soloway points out that Bitcoin's recent rebound created a classic consolidation pattern, often seen before significant price increases. The expert believes that the cryptocurrency is more likely to reach $80,000-$85,000 before dipping below $50,000. This prediction is based on strong consolidation after the drop, extremely negative market sentiment that can fuel short squeezes, and large accumulation between $60K and $70K.

Ethereum is also showing signs of strength, with Soloway identifying a 'bull flag' pattern forming above $2,000. This setup often precedes a significant breakout, which could push Ethereum towards $2,600-$2,800 in the near term. However, it's worth noting that heavy resistance sits in this zone, and traders may face strong selling pressure if ETH reaches these levels.

XRP, on the other hand, is in a more delicate position, with Soloway warning that it needs to break above $2 for a bigger move. The expert believes that XRP can potentially reach $1.60-$1.90, representing an 11-33% gain from current levels.