Bitcoin (BTC) Risks Deeper Drop, Ripple (XRP) Targets New Targets and More: Bit Summary February 20

Here are some of the expected scenarios involving BTC, XRP and SHIB.

Ripple’s XRP could also experience another substantial pullback, while Shiba Inu (SHIB) could rebound, but under one crucial condition.

Crash to $10,000 to follow?

Bitcoin’s overall condition remains quite bearish, giving crypto critics the opportunity to foresee further declines in the near future. Popular economist Peter Schiff (an outspoken opponent of the digital asset industry and a proponent of gold) predicted a collapse to $20,000 if BTC were to break below $50,000.

“I know Bitcoin has done that before, but never with so much hype, influence, institutional ownership and market cap at stake. Sell Bitcoin now,” is his advice.

The X-user Chiefy, together with Bloomberg’s strategist Mike McGlone, also presented pessimistic forecasts. The former provided one in the short term to a low of $29,000, while the latter suggested that BTC could fall $10,000.

For his part, Ali Martinez recently saw the formation of an “Adam & Eve” pattern on the asset’s price chart, where a break above $71,500 could trigger a jump to $79,000. Michael van de Poppe also helped and foresaw ‘a big step on the horizon’.

Unable to predict the exact direction, the analyst stated that he would accumulate in a downturn and realize some profit if BTC reached $80,000-$85,000.

What next for XRP?

Ripple’s cross-border token rose to $1.66 late last week, but the rally quickly faded, with the price retreating to the current $1.41 (according to CoinGecko data). Some analysts warned that the move could signal a deeper pullback.

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Ali Martinez described the 2-week candle as a Graveston doji and recalled that the last time this formation appeared on the chart, XRP’s valuation fell by 46%. For their part, Crypto Tony identified a potential retest of $1.52 as the “perfect” scenario before a new downtrend.

Despite the gloomy forecasts, XRP continues to attract strong interest. Earlier this week, Rayhaneh Sharif-Askary (Head of Product & Research at Grayscale) revealed that advisors at the digital asset manager are “constantly” being asked about the token by clients. She also noted that in some cases it is the most talked about asset after BTC.

SHIB pump incoming?

Although Shiba Inu remains the second-largest meme coin (only behind Dogecoin), its price has fallen sharply in recent months. At the time of writing, it is worth approximately $0.000006264, which represents a 60% annualized collapse.

However, according to Martinez, the asset could regain some of its former glory if it manages to convert the $0.0000067 resistance level into support. Should that happen, SHIB could explode by 50% to around $0.0000099, he predicted.

It is important to note that the waning interest from traders and investors, along with Shibarium’s stalled progress, do not support the bullish scenario. Shiba Inu’s layer 2 scaling solution had its security breached in September last year and has been plagued with issues ever since. Before the incident, daily transactions processed through the protocol were in the millions, while recently this number has dropped to mere hundreds and thousands.