The recent volatility in the crypto market has left investors questioning whether the latest pullback means a deeper crash or just a temporary correction. While prices have struggled to maintain momentum, one market strategist believes the current setup could still lead to a short-term rally before any larger decline unfolds.
According to market strategist Gareth Soloway, the charts hint that major cryptocurrencies including Bitcoin, Ethereum, and XRP may be approaching a breakout moment. However, he warns that the broader market structure still carries bearish risks in the longer term.
Soloway points to a technical pattern known as a bull flag, which has formed after Bitcoin’s recent surge followed by a period of consolidation.
According to his analysis, Bitcoin spent multiple trading sessions moving within a tight range after a strong upward move. This type of price action often signals that the market is digesting recent gains before another potential breakout.
If Bitcoin successfully breaks above the current consolidation level, Soloway says the next likely target could fall between $80,000 and $85,000.
In his view, the current rally could still be part of a larger bearish formation. Even if Bitcoin climbs toward the $80K range in the short term, the broader market structure may eventually lead to another wave of downside. In a more negative macro scenario, Bitcoin could revisit the low $50,000 range, and in extreme cases even move lower if broader financial markets weaken.
The outlook for Ethereum shows a similar setup. According to Soloway, Ethereum has been repeatedly testing a major trendline resistance.
If ETH manages to break and hold above this level, it could trigger a move toward $2,600 to $2,700, representing a notable recovery from recent lows.
Like Bitcoin, Ethereum has also formed a consolidation pattern with multiple “inside bars,” a technical signal that often precedes a strong directional move.
Among other altcoins, XRP is also showing a constructive chart pattern.
Soloway says XRP appears to be forming a bull flag structure, which typically indicates the possibility of another upward move. The asset is currently approaching a resistance zone formed by previous price lows.
If XRP manages to break above its current level, the move could open the door for a larger rally. However, strong resistance remains ahead, meaning the market will need sustained buying momentum to continue higher.
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