A new market reversal is being formed

The digital asset market is positive, and the most likely scenario is an upward movement of BTC and other key market tools, 8848 Invest’s analyst Mark Sorokin says.

Last week, the market situation didn’t change significantly. Most of the tools reached their resistances and a quite natural pullback has begun.

‘As for BTC, I expect to reach the level of $42,000, or slightly lower. A new reversal will be formed at this level. However, in my opinion, before this happens, some visual information should appear that will send the market further up,’ the expert notes.

This will look like the liquidity gain that we discussed in other reviews before.

Altcoins

The situation is similar for ETH, LTC, XRP, and other key alternative coins. The only thing worth noting is that ETH has approached its historical maximum. It’s the closest to this point among other top coins.

‘LTC have to reach the level of $225 and above, the long-term coin target is the level of $380,’ Mark Sorokin says.

XRP is in a fairly wide flat with the upper limit at the $1.8–1.9 mark.

At this moment, the possible reaction of market participants becomes has key importance. However, it’s worth noting the market as a whole keeps positive dynamics, so the most likely development scenario is the upward movement of the BTC and other key market tools.