A closely followed crypto analyst says that one metric is signaling Bitcoin (BTC) may surge to a massive new all-time high.
In a new thread, crypto trader Ali Martinez tells his 145,200 followers on the social media platform X that, based on the short-term holder (STH) cost basis model, Bitcoin may increase more than 19% from its current value.
The STH cost basis model is an on-chain metric that estimates the average price at which short-term Bitcoin holders acquired their coins. The metric can be used to spot potential entry and exit points.
“As long as the $105,450 support holds, Bitcoin could be on track for a move to $125,230 and potentially $141,770, based on the short-term holder cost basis.”
The analyst also uses the cumulative value-days destroyed (CVDD) metric, which looks at the value of each Bitcoin transaction while giving weight to the number of days since the coins were last moved. The CVDD is used to spot potential market tops and bottoms.
“The next Bitcoin top could be at $149,679!”
Bitcoin is trading for $118,250 at time of writing, up marginally in the last 24 hours.
Next up, Martinez says that Ethereum may increase more than 35% from its current value based on pricing bands derived from ETH‘s Market Value to Realized Value (MVRV) indicator, which is used to identify the key levels of support.
“As long as the $3,300 support holds, Ethereum could be on track for a move to $4,220 and potentially $5,140, based on the MVRV Pricing Bands.”
ETH is trading for $3,787 at time of writing, down marginally on the day.
Looking at XRP, the analyst says that the payments token may be forming a bullish reversal pattern on the four hour chart and potentially increase by more than 16% from its current value.
“XRP could be forming a double bottom pattern! A close above $3.30 may confirm the breakout and open the door to $3.60.”
XRP is trading for $3.10 at time of writing, down 1.2% in the last 24 hours.
Lastly, the analyst says that the Tom DeMark (TD) Sequential indicator – which is used to determine potential points of reversal for an asset – suggests Dogecoin (DOGE) may soon have a bounce.
“Dogecoin is ready for another leg up as the TD Sequential presents a buy signal on the daily chart!”
DOGE is trading for $0.21 at time of writing, down 1.6% on the day.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
