- Bitcoin, Ethereum, XRP traded lower on Monday as FTX-related news saw Solana slump.
- Analysts are pointing to a potential Death Cross for BTC as bad news for the market.
The crypto market is seeing yet another day of downside pressure as major altcoins show weakness. Bitcoin, which traded higher towards the end of last week, has retreated below $26k and could hit key levels near $25k.
Meanwhile, Ethereum is struggling to hold prices near $1,600 and XRP, after giving up all gains from the July court victory, was testing support below $0.50 on Monday morning.
Analysts share price outlook for BTC
Bitcoin is moving closer to its next halving – one of the key bullish catalysts for an anticipated bull market. But the outlook over the past several weeks remains largely negative after the dive from near $30k.
Commenting on the performance, pro-crypto lawyer John E. Deaton wondered if the market had indeed bottomed or not. If not, is BTC primed for a massive flip – 30-40% dive that could see Bitcoin revisit $15k before a possible upside to $50k? FTX-related pressure could be a factor not just for altcoins such as Solana, but for the wider market.
Did we bottom? Will the FTX selling, during the next couple weeks, cause September to drive down another 30-40%, before actually bottoming?
Is #BTC going to $15K before going to $50K?
Here’s what I truly believe: no one knows what’s going to happen next, until it happens. https://t.co/KEOCHPJWnF
— John E Deaton (@JohnEDeaton1) September 10, 2023
The overall feeling has analysts pointing to technical picture on the daily BTC chart for what could materialize in the coming days.
According to crypto trader and analyst Ali Martinez, the Bitcoin daily chart is sporting a possible Death Cross. The analyst sees a likely dip to below $25,200 leading to a deeper correction for the benchmark cryptocurrency.
— Ali (@ali_charts) September 11, 2023
XRP price below $0.50
While the technical picture could flip amid any would-be positive catalyst, analysts see its validation as likely to see negative price action cascade across the altcoin market.
XRP’s technical picture on the daily chart features a descending triangle pattern that has extended over several weeks. With sellers having an upper hand near $0.47, its likely XRP price will retest the $0.44 support zone. Further rot portends a decline to $0.35.