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Crypto Influencer Projects Bearish Momentum for BTC and XRP

Published 08/08/2023, 06:45
© Reuters. Crypto Influencer Projects Bearish Momentum for BTC and XRP
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  • BitBoy Crypto believes that Bitcoin (BTC) and Ripple (XRP) are poised to sink this month.

  • The crypto influencer has projected a price of $25,000 and $0.5 for BTC and XRP, respectively.

  • The influencer also expects the meme coin Shiba Inu to lose its value this month.

Popular crypto influencer BitBoy Crypto believes that Bitcoin (BTC) and Ripple (XRP) will witness a price decline this month. According to him, BTC may fall as low as $25,000, while XRP may sink to $0.55 before the cryptocurrencies see a reversal and rally to new local highs. The influencer also projected bearish momentum for Shiba Inu (SHIB) in the near future.

According to technical analysis performed by BitBoy Crypto, BTC may witness minor gains in the short term. However, the long-term projection for the flagship cryptocurrency remained bearish. BTC has gained more than 73% since the beginning of the year but has displayed bearish patterns over the past month.

At the time of writing, BTC was trading at $28,770, down nearly 0.60% over the past 24 hours. While its price has declined over the past 30 days, its daily trading volume has surged by more than 28% with the latest 24-hour trading volume coming in at over $9.9 billion. Bitcoin’s market capitalization currently stands at $561 billion.

Data from the on-chain analytics platform Coinglass showed that the total open interest on BTC perpetual futures increased by 1.02% over the past 24 hours. During the same period, the volume of short positions exceeded long positions by over $300 million.

Meanwhile, XRP is currently trading at $0.61, down more than 2.6% over the past 24 hours. BitBoy Crypto believes that the crypto may sink as much as 9% to $0.55 this month, before reversing its price action. Data from Coinglass showed that the total open interest on XRP perpetual futures decreased by 2.25% over the past 24 hours. Meanwhile, the 24-hour long/short ratio of XRP positions on centralized crypto exchanges came in at 0.931.

The post Crypto Influencer Projects Bearish Momentum for BTC and XRP appeared first on Coin Edition.

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