 ▲ Bitcoin (BTC) |
A cryptocurrency analyst who accurately predicted XRP’s 700% surge in the past has expressed caution over Bitcoin’s potential to break above $80,000, warning of short-term overheating in the market.
According to crypto-focused outlet U.Today on March 2 (local time), analyst EGRAG CRYPTO stated that Bitcoin is likely to face strong selling pressure at the $80,000 resistance level. He noted that the technical indicators that once drove XRP’s explosive growth are currently sending contrasting signals in the Bitcoin market.
EGRAG CRYPTO cited Bitcoin’s Relative Strength Index entering overbought territory and the Market Value to Realized Value (MVRV) ratio approaching historical highs as key reasons for his caution. “The market is currently in an extreme greed phase, and the psychological resistance at $80,000 is the most suitable zone for short-term profit-taking,” he warned. He advised investors to wait for a market cooldown rather than aggressively chasing prices.
In contrast, he maintained a bullish outlook on XRP. He explained that while Bitcoin moves sideways or undergoes a correction near the $80,000 level, capital could flow into the altcoin market, allowing XRP to emerge as a new market leader. He added that XRP has successfully secured support at the lower boundary of its white channel and is likely to attempt a breakout above its previous high in the near future.
The slowdown in capital inflows from institutional investors also adds weight to the cautious stance on Bitcoin. Net inflows into spot Bitcoin ETFs have recently peaked and begun to decline, suggesting that liquidity supply in the market could temporarily stagnate. Experts believe that amid ongoing macroeconomic uncertainties, it may not be easy for Bitcoin to surpass the $80,000 mark in a single move.
The digital asset market now stands at a critical crossroads, with its overall direction hinging on whether Bitcoin can break through this resistance level. Price action and trading volume around the $80,000 range are expected to serve as decisive indicators for the market’s trajectory in the second quarter.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.*