Gareth Soloway, chief market analyst at VerifiedInvesting.com, says the crypto market has entered a short-term support phase, but he warns that the big one The bear market is not over yet and further declines are still in order at the end of the year.
Bitcoin: $73,000 to $74,000 Up Front, But $50,000 Still Possible
Bitcoin rose from around $57,800 back to around $62,700 and Soloway believes the move has some room to run. Its immediate target is at $73,000 to $74,000, while the lower important line provides resistance. As long as Bitcoin is holding above $58,000 on a confirmed closed basis, it is still maintaining a short bias.
However, Soloway was very clear that this is a trade change, not an ongoing change. He still expects Bitcoin to eventually break below $50,000 as the last phase of a bear market, which he describes as a bearish pattern that takes the form of a circular base or cup and handle. The final trigger, in his opinion, would be a catastrophic event where money goes out of everything, including crypto, gold, and biotech at the same time.
Ethereum: Parallel Trend Line Breakout Needs $2,000
Ethereum has come out at a significant price. He sees the first resistance around $1,800 but expects ETH to push to $2,000, where he can retest. The breakout is notable because the lines of Ethereum are similar to the pattern of Bitcoin, which is said to show order in the middle of the market chaos.
XRP: Wedge Break Could Mean More Upside
XRP broke out of a multi-month wedge pattern that dates back to early 2025. The longer the wedge shape, Soloway argues, the bigger the move. XRP has already moved from $1.02 to $1.17. He expects to return to $1.10 to $1.15 before the next leg up, targeting the $1.25 resistance zone as an exit point for his current trade.
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