about the future of Bitcoin Analysts Forecast Bright Future for Bitcoin


Monday saw Bitcoin, Ethereum, and XRP trade lower as news of FTX-related pressure caused a slump in Solana. Analysts are pointing towards a possible Death Cross for BTC, which could be bad news for the whole market.

Bitcoin is moving closer to its next halving, but the outlook has remained largely negative following the dive from near $30k. Pro-crypto lawyer John E. Deaton wondered if the market had already bottomed, or if there could be further downside for BTC, with a potential 30-40% dip that could see prices drop to $15k before a possible upside to $50k.

In the altcoin market, Ethereum is struggling to retain prices near $1,600, while XRP, after giving up all gains from the July court victory, is now testing support below $0.50.

Analysts are looking to the technical picture on the daily BTC chart to determine what could happen in the coming days. Crypto trader and analyst Ali Martinez sees a potential Death Cross, which could lead to a dip to below $25,200 and deeper correction for the benchmark cryptocurrency.

XRP is also in a precarious position. A descending triangle pattern on the daily chart has extended over the past few weeks, with sellers having an upper hand near $0.47. If prices break below $0.44, it could indicate a further decline to $0.35.

Overall, the sentiment is negative and the technical picture could have a cascading effect on the rest of the crypto market.

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