Trader Says One Metric Signaling Massive Upside Potential for Bitcoin, Updates Outlook on Ethereum and Dogecoin

Cryptocurrency dealer Ali Martinez leans bullishly on Bitcoin (BTC) as he presents his prediction for Ethereum (ETH) and Dogecoin (DOGE).

Martinez tells His 91,300 followers on the social media platform

“Investor sentiment stays subdued and much from euphoric – suggesting Bitcoin nonetheless has vital room to develop earlier than reaching a market prime.”

Bitcoin is buying and selling at $97,450 on the time of writing.

Subsequent is Ethereum. Martinez say that Ethereum may rise by about 67% from present ranges within the medium time period. In the long run, he says the highest altcoin may rise almost 180% within the coming weeks, surpassing its all-time excessive of round $4,900 reached in November 2021.

Primarily based on Martinez’s chart, it seems that Ethereum is in an ascending channel on the weekly timeframe and the medium-term goal value is across the higher restrict of the channel. In technical evaluation, an ascending channel consists of ascending parallel trendlines and is a sign of a robust uptrend.

Ethereum is buying and selling at $3,590 on the time of writing.

Subsequent is Dogecoin. Martinez say that the flagship memecoin is at a “very essential resistance level.” The crypto analyst says Dogecoin may fall as much as 17% from present costs if it fails to convincingly break above the important thing resistance space.

“A sustained break above $0.40 will ship the value in direction of $0.43, but when the resistance at $0.40 shouldn’t be cleared, a brand new dip in direction of $0.36 and even $0.34 will happen!”

Dogecoin is buying and selling at $0.41 on the time of writing.

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Generated picture: Midjourney