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Analysts are tracking the sudden crypto market turnaround as Bitcoin approaches a key psychological barrier at $8,000.
Bitcoin is up 4.06% at $7,861 at time of publishing, according to COIN360.
Ethereum is up 1.36% at $142.38 and XRP is up 9.27% at $0.2150. Bitcoin SV is the only coin in the top 10 that’s firmly in the negative, down 1.33% at $114.25.
Bitcoin Hits Key Levels of Resistance
After weeks of relative calm, a popular strategist known in the industry as Crypto Birb tells his 63,000 followers on Twitter that BTC’s setup is “finally getting interesting.”
[adinserter block="1"]He says two major levels of resistance are left before a true reversal is confirmed. If BTC can cross $10,000, the analyst expects a long-term rally to begin.
Ethereum Remains in Descending Wedge
As for Ethereum, the second-biggest cryptocurrency by market cap, Birb says it may also be on the verge of a serious move out of the descending wedge it has been locked in since July.
If a breakout is confirmed, he believes ETH could target $275-$300.
XRP Bounces Off Significant Level of Support
Analyst DonAlt tells his 126,000 followers on Twitter that he believes XRP could enter a long-term rebound that would bring the price of the digital asset as high as $0.5000 – a 132% increase from its current price.
[adinserter block="1"]He says the number of traders who are bragging about the coin’s decline could serve as a sign that XRP has hit a bottom.
“Finally hit my long term target. I bought (and posted about it) a few days ago but want to start a solo thread for it. Long term support with XRP haters gloating at all-time high is good enough place for me to gamble on a swing long position.”
Despite his bullish outlook and the fact that XRP recently hit a low not seen since November of 2017, DonAlt warns it may have further to fall before a long-term reversal.
He says XRP could hit a lower level of support and a potential floor at around $0.1650.
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