Bitcoin has continued to hover around the $105,000 price level for the past 24 hours, a level which it has respected for most of the past seven days. Ethereum, on the other hand, is trying to hold above $2,500, while XRP is also holding its ground above $2.10 within the past 24 hours.Â
Some analysts still expect a resumption of bullish momentum once the current range breaks to the upside, but others have taken a more cautious or outright pessimistic stance. One of such bearish outlooks in recent days came from crypto commentator Warren MUPPET, who shared a forecast of a strong downside correction for Bitcoin and other large cryptocurrencies.
Analyst Predicts Crash Scenario For Major Cryptos
The broader crypto market appears to be stuck in a consolidation range, with the Fear & Greed Index currently reading 52, which is a neutral sentiment that could easily swing in either direction. According to crypto analyst Warren MUPPET on the social media platform X, this swing will be to the downside.Â
Particularly, the crypto commentator recently posted a blunt list of projected price levels that sent waves through some crypto traders. The post, with no charts or technical context, had simply highlighted the price targets for Bitcoin, Ethereum, XRP, Fartcoin, and Hype. Despite the lack of technical and and fundamental analysis explanation, the message was clear that a sharp correction could be on the horizon.
According to the analyst, Bitcoin will crash from its current price levels to $93,500, Ethereum will crash to $2,100, Fartcoin will crash to $0.68, XRP will crash to $1.6, and Hype will crash to $28. In one of the comments to the original post, the crypto commentator also predicted the possibility of Solana crashing to $85.
These numbers might seem extreme to some, but they are not far-fetched. Bitcoin, Ethereum, and XRP all crahsed to these price levels just two months ago in April. This gives some credibility to the warning and if sentiment turns negative, a drop to these prices may not be out of the picture.
Prolonged Consolidation Could Lead To Price Crash
Previous price action data suggests that bearish phases often come up swiftly after prolonged consolidation in high zones. If that plays out again, Bitcoin slipping below $100,000 could quickly escalate into a wider marlet price crash. Also, with Ethereum and XRP also consolidating around their respective resistance levels, the chances of a synchronized following Bitcoin crash below $100,000 can’t be ruled out.
Therefore, the bullish/bearish outlook all depends on if Bitcoin can hold above $100,000. If sentiment weakens in the coming days, the analyst’s projections may no longer seem like an exaggeration.
At the time of writing, Bitcoin is trading at $105,096, Ethereum is trading at $2,540, XRP is trading at $2.16, while Hype is trading at $42.
Featured image from Unsplash, chart from TradingView
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