Bitcoin (BTC) Risks Deeper Drop, Ripple (XRP) Eyes New Targets, and More: Bits Recap Feb 20
While Bitcoin (BTC) has slightly rebounded in the past several days, it might be gearing up for a renewed downtrend.
Ripple’s XRP may also experience another substantial pullback, while Shiba Inu (SHIB) can rally, but under one vital condition.
Crash to $10K Comes Next?
Bitcoin’s overall condition remains quite bearish, which gives crypto critics the opportunity to envision further declines in the near future. The popular economist Peter Schiff (who is an outspoken opponent of the digital asset industry and a proponent of gold) predicted a collapse to $20,000 should BTC break below $50,000.
The X user Chiefy, along with Bloomberg’s strategist Mike McGlone, also presented pessimistic forecasts. The former envisioned a short-term plunge to as low as $29,000, while the latter suggested BTC could plummet to $10,000.
For his part, Ali Martinez recently spotted the formation of an “Adam & Eve” pattern on the asset’s price chart, where a break above $71,500 could trigger a jump to $79,000. Michael van de Poppe also chipped in, foreseeing “a big move on the horizon.”
Unable to predict the exact direction, the analyst stated he would accumulate on a downturn and realize some profits should BTC reach $80,000-$85,000.
What Now for XRP?
Ripple’s cross-border token surged to $1.66 late last week, but the rally quickly faded, with the price retreating to the current $1.41 (per CoinGecko’s data). Some analysts warned the move could signal a deeper pullback ahead.
Ali Martinez described the 2-week candle as a graveston doji, reminding that the last time this formation appeared on the chart, XRP’s valuation fell by 46%. For their part, Crypto Tony identified a potential retest of $1.52 as the “perfect” scenario before a new downtrend.
Despite the grim predictions, XRP continues to draw strong interest. Earlier this week, Rayhaneh Sharif-Askary (Head of Product & Research at Grayscale) revealed that advisors at the digital asset manager are “constantly asked” by clients about the token. She also noted that, in some cases, it ranks as the second most discussed asset after BTC.
SHIB Pump Incoming?
While Shiba Inu remains the second-biggest meme coin (trailing only behind Dogecoin), its price has been on a steep decline in the past months. As of this writing, it is worth around $0.000006264, representing a 60% collapse on a yearly scale.
According to Martinez, though, the asset could restore some of its former glory if it manages to flip the $0.0000067 resistance level into support. Should that happen, SHIB might explode by 50% to approximately $0.0000099, he predicted.
It is important to note that fading interest from traders and investors, along with Shibarium’s stalled progress, doesn’t support the bullish scenario. The security of Shiba Inu’s layer-2 scaling solution was breached in September last year, and it has been coping with issues ever since. Prior to the incident, daily transactions processed on the protocol were in the millions, while lately the figure has dropped to mere hundreds and thousands.
Shibarium Daily Transactions, Source: Shibariumscan.io
The post Bitcoin (BTC) Risks Deeper Drop, Ripple (XRP) Eyes New Targets, and More: Bits Recap Feb 20 appeared first on CryptoPotato.
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