Ali Martinez pointed out that if Bitcoin loses its key support level of $73,000, the price could fall to $60,000.
After Ethereum fell below the support level of $2,385, it faces the risk of a deeper decline to $1,963.
Meanwhile, after breaking below the midline of the trading channel, XRP may test $0.99.
Since the beginning of this month, the global cryptocurrency market has lost over $180 billion, with its market value dropping to $2.64 trillion. This decline occurred after Democrats won the mid-term elections, and markets are concerned that crypto regulatory rules will become further tightened.
As the market continues to decline, Bitcoin, Ethereum, and XRP also show signs of further drops. But if the selling pressure persists, how low can their prices fall?
Bitcoin could fall to $60,000
On November 5th, Bitcoin fell below $75,000 after reaching $81,000. Previously, the U.S. initial jobless claims report was released, showing that the indicator unexpectedly dropped to 189,000, lower than the market's expectation of 197,000.
At the same time, well-known crypto analyst Ali Martinez stated that Bitcoin is trading within a wide range channel on a three-day chart. Currently, the key level is around $73,000 in the middle of this channel.
If Bitcoin loses this support, Martinez believes that the downward trend could extend to around $60,000 near the lower edge of the channel. This would represent a 20% decline from the current level and would bring Bitcoin back to the area where previous buying interest had intervened.
Ethereum faces the risk of falling back to $1,963
Ethereum's trend is weaker than Bitcoin's, as its daily chart has fallen below the $2,385 support level. The chart shows that ETH has broken out of a right-angle upward divergence pattern, indicating that the previous structure has weakened.
With $2,385 now becoming a key level, if selling pressure persists, Ethereum could fall to the next major support level of $1,963.
If this trend occurs, it will mean a further significant decline from the current level of around $2,245.
XRP may test at $0.99
XRP also continues to face pressure. After falling below $1.61 and losing support at the middle of the trading channel, its trend has continued to weaken. The three-day chart shows that XRP has fallen from above $1.40 to around $1.18, and currently $1.29 has become an important level.
If the sellers continue to dominate and the token price fails to rebound, $0.99 near the lower channel boundary will become the next major support level.
This level is particularly important because XRP has previously received strong buying support around $0.99.
