XRP Faces Bearish Breakdown As Head-And-Shoulders Pattern Emerges

The price of XRP has recorded a significant downtrend in the last 24 hours, declining by almost 5% according to data from CoinMarketCap.

A new price prediction from renowned market analyst Ali Martinez is putting traders on high alert for an incoming triple bottom pattern on the Bitcoin price chart.

A new price prediction from renowned market analyst Ali Martinez is putting traders on high alert for an incoming triple bottom pattern on the Bitcoin price chart.

This technical formation could signal a substantial price drop for BTC in the coming trading sessions.

This technical formation could signal a substantial price drop for BTC in the coming trading sessions.

As the cryptocurrency market continues to navigate a period of volatility, the price of Bitcoin has shown signs of a downtrend. According to data from CoinMarketCap, BTC’s price at the time of writing is $23,894, a 0.31% increase in the last 24 hours.

However, despite the slight uptick, the world’s leading cryptocurrency is still down 9.44% over the past seven days. This bearish price action has put many traders on edge, especially as it threatens to derail the recent rally that saw Bitcoin soar to new yearly highs of $25,200 in mid-February.

In a recent analysis, Martinez, the founder of crypto research firm Aliチャート, pointed out that the BTC price action on its weekly chart is now forming a triple bottom pattern.

In a recent analysis, Martinez, the founder of crypto research firm Aliチャート, pointed out that the BTC price action on its weekly chart is now forming a triple bottom pattern.

This technical formation occurs when the price of an asset touches the same support level three times before finally breaking out. Triple bottoms are typically bearish signals, especially when they occur at the bottom of a downtrend.

This technical formation occurs when the price of an asset touches the same support level three times before finally breaking out. Triple bottoms are typically bearish signals, especially when they occur at the bottom of a downtrend.

After the initial price peak in late 2021, Bitcoin’s price fell sharply, finally stabilizing around the $20,000 mark which acted as strong support throughout 2022. As the year progressed, the price of BTC showed signs of recovery, eventually surging to new yearly highs of $25,200 in February 2024.

However, following the news of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against major cryptocurrency exchange Binance, the crypto market entered a correction that saw Bitcoin’s price fall below the $22,000 level.

However, following the news of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against major cryptocurrency exchange Binance, the crypto market entered a correction that saw Bitcoin’s price fall below the $22,000 level.

The analysis stated that if the price of Bitcoin breaks decisively below the neckline of the triple bottom pattern, which is located at $24,000, then it could fall to as low as $12,000.

This would represent a potential 50% decline from Bitcoin’s recent highs and could have major implications for the cryptocurrency market.

However, if Bitcoin bulls can manage to push the coin past the apex of the triple bottom pattern, which is located at $33,000, then it could signal momentum for a prolonged price uptrend.