The cryptocurrency market is showing renewed strength after a recent pullback, according to veteran trader Gareth Soloway. While he stops short of predicting a new bull market, he notes a viable short-term rally is forming among the top assets.
Bitcoin has rebounded from near $60,000, producing a strong reversal candle and entering a tight trading range. Soloway argues that the ongoing consolidation between $60,000 and $70,000 could pave the way for a move toward $80,000–$85,000, depending on momentum and potential positive crypto legislation.
Ethereum has moved back above $2,000 and is forming what he describes as a bull flag pattern. If the breakout holds, Ethereum could rise to $2,600–$2,800 in the near term, a roughly 27%–35% increase, though resistance is expected in that zone.
XRP, trading near $1.40, faces a more precarious setup. Key resistance sits between $1.60 and $1.90, with a stronger hurdle near $2.00. A sustained break above $2 could trigger a much larger move. The rally is also likely to be influenced by evolving regulatory developments in Washington and the broader sentiment around crypto policy, which can squeeze shorts and drive sharp gains when sentiment turns optimistic.
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