Crypto Crash Looming?

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Crypto Crash Looming? 🚨

Crypto Crash Looming?

Well, isn’t this just peachy? The crypto market has lost its momentum, and Bitcoin‘s price has pulled back from its high of $89,000. Because, you know, that’s always a good thing. 😒

Mt. Gox Transfers $1B Bitcoins Ahead of Payments

It seems that Mt. Gox, the bankrupt crypto exchange, has moved another $1 billion worth of Bitcoins. Because, you know, they have nothing better to do with their time. 🤷‍♂️ This is the third such transaction this month, and Arkham data shows that Mt. Gox moved more Bitcoins worth $155 million on Tuesday. Because, of course they did.

These movements mean that the exchange is preparing for the next phase of payouts. Because, you know, they’re just dying to give people their money back. The company has until October 31 to complete the distributions, though the deadline may be extended. Because, you know, time is of the essence.

In theory, Mt. Gox distributions should be bearish for BTC price because many of the creditors may decide to liquidate into cash. But, in the past, many of these creditors have continued holding on to their coins. Because, you know, they’re just too attached to their Bitcoins.

BTC Price Prediction: Technicals Point to a Pullback

There is a risk that the Bitcoin price may drop soon, triggering a drop in the crypto market. Because, you know, that’s exactly what we need. This risk is because the coin has formed a mini death cross pattern as the 100-day and 50-day EMAs crossed each other. Because, you know, that’s a thing.

BTC has formed a rising wedge pattern, and it remains below the two moving averages, a sign that bears are still in control. Because, you know, bears are always in control. Additionally, Bitcoin has formed a rising wedge pattern and retested the neckline of the double-top pattern at $89,240. Because, you know, that’s a thing too.

Therefore, there is a risk that BTC price will crash and retest the year-to-date low of $76,500. A move above the 23.6% Fibonacci Retracement point at $95,000 will invalidate the bearish outlook. Because, you know, that’s just what we need.

ETH Price Technical Analysis

Ethereum price’s recovery has stalled at the $2,000 resistance level. Because, you know, it’s just not meant to be. On the 1D chart, it remains below the key support level at $2,120, its lowest level in August last year. Because, you know, that’s just a thing.

Like Bitcoin, ETH price has formed a break-and-retest pattern and it remains below all moving averages. The Awesome Oscillator remains below the zero line. Because, you know, that’s just a thing too. Therefore, with Ethereum forming a bearish flag pattern, there is a risk that it will crash to $1,500 soon. The bullish ETH price forecast will be confirmed if it loses the support at $1,745. Because, you know, that’s just what we need.

XRP Price Technical Analysis

The 4H chart shows that the XRP price has consolidated in the past few days. Because, you know, it’s just been chillin’. It sits slightly above the 50-day moving average. Most importantly, it is forming a symmetrical triangle pattern, whose two lines are nearing their confluence point. XRP has stalled at the Top of the Trading Range of the Murrey Math Lines. Because, you know, that’s just a thing.

Therefore, the coin will likely have a breakout in either direction. A move above the upper side of the triangle means that it will jump to the ultimate resistance at $2.7, up by 13% above the current level. A drop below the triangle will point to a drop to the ultimate support at $1.9635. Because, you know, that’s just what we need.

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2025-03-25 19:25