The crypto market is showing fresh signs of strength, and veteran trader Gareth Soloway says a short-term rally may have more room to run, even though he is not calling for a full bull market just yet.
“Charts are unbiased,” he explained. “If I see a bullish pattern, I trade it long. If I see a bearish pattern, I go short.” Right now, he sees a bullish setup forming.
Bitcoin recently rebounded strongly after dipping near $60,000. According to Soloway, the recovery created a classic bullish consolidation pattern.
After a sharp sell-off, Bitcoin printed a strong reversal candle and then began moving sideways in a tight range. This type of pattern often signals that buyers are quietly building positions before another upward push.
Soloway says Bitcoin is more likely to reach $80,000 before $50,000 in the short term.
He points to:
He sees a realistic target zone between $80,000 and $85,000, depending on momentum and possible positive crypto legislation developments.
However, he stresses this does not necessarily mean a new long-term bull market has begun. It could be a powerful relief rally within a larger cycle.
Ethereum is also showing strength. ETH recently moved back above $2,000 and formed what Soloway describes as a “bull flag” pattern — a common breakout setup.
If the breakout holds, he believes Ethereum could quickly climb toward $2,600 to $2,800.
That would represent a potential 27% to 35% upside move in the near term.
However, he warns that heavy resistance sits in that zone. If ETH reaches $2,600–$2,800, traders may see strong selling pressure.
On the downside, major long-term support remains near $1,500. If the broader market turns sharply lower, that area could become important again.
XRP, currently trading near $1.40, is in a more delicate position.
Soloway says XRP recently broke below a major support trendline, which shifts the chart slightly to the weaker side. However, a rebound is still possible.
Key resistance sits between:
If XRP can break above $2 and hold that level, Soloway believes a much larger move could follow. A move toward $1.60–$1.90 could represent an 11% to 33% gain from current levels, but the true breakout would only happen above $2.
The market may be anticipating positive regulatory developments, especially with upcoming crypto-related discussions in Washington.
When sentiment becomes overwhelmingly negative, it often sets the stage for sharp upside moves. Short squeezes can happen quickly in crypto, pushing prices higher in a short period.
The rally is fueled by positive regulatory discussions in Washington, extremely negative sentiment that often precedes short squeezes, and large accumulation between $60K and $70K.
While a short-term rally to $85,000 is possible, experts caution that this may be a powerful relief rally within a larger cycle, not necessarily the start of a new long-term bull market.
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