Gareth Soloway, chief market strategist at VerifiedInvesting.com, has strengthened his optimistic outlook for cryptocurrencies, suggesting that there are vital insights in the charts he analyzes that many investors overlook. Despite the S&P 500’s decline, Bitcoin is currently showing gains. He believes this discrepancy is a critical indicator in today’s market.
Bitcoin: 1 level left from $80,000 to $85,000
Bitcoin is on the rise, and Soloway remarks that the market structure looks solid. The crucial hurdle between its current value and his target range is at $74,000.
“We broke up,” he stated. “We experienced a high pivot, pulled back to support, and are now testing the next level. A breach above $74,000 could propel the bull market to $80,000 to $85,000.”
The bullish argument hinges on a typical pattern. A green reversal candle appeared weeks ago, and since then, no candle has closed below its low. Soloway describes the inside bar action as a classic setup that signals a breakout may be imminent.
What adds to this encouraging scenario is Bitcoin’s performance relative to other assets. Since February 25th, the S&P 500 has dropped by 4.45%, while Bitcoin has surged by 12%. It even outshines gold and silver in this timeframe. Soloway characterizes this relative strength as a signpost leading to potential further gains.
“I’m not a medium-term bull on Bitcoin. I’m a short-term bull. By short-term, I mean days to weeks.” Beyond this period, he anticipates that ongoing declines in the stock market could eventually drag Bitcoin below the $60,000 low it reached roughly six weeks ago.
Ethereum: Above $2,150 opens door to $2,600
Ethereum hasn’t broken out yet, but Soloway believes it’s close. The main resistance level is $2,150, which ETH has tested twice and is pushing against once more.
“If we can confirm a closing price above $2,150, consider that important,” he advised. “Our target is $2,600.”
This pattern is similar to Bitcoin’s. Essentially, it involves structures that typically lead to sharp movements following repeated resistance testing rather than slower, grinding upticks.
XRP: Bullish pattern targeting $1.80
With XRP around $1.41, Soloway observes a definitive short-term bullish structure developing. He sets a price target of approximately $1.80, noting that previous support has now turned into resistance and that several trend lines are converging, creating a significant barrier.
“This area and trendline are combining to form strong resistance,” he explained. Surmounting that cleanly would represent an important technological milestone for XRP.
