Cryptocurrency analyst Ali Martinez has shared his latest insights on Bitcoin and Ethereum, offering bold predictions for both assets.
Focusing on Ethereum, Martinez outlined ambitious price targets, projecting a medium-term goal of $6,000 and a long-term potential of $10,000 for the leading altcoin. His optimism stems from current market trends and Ethereum’s growing utility within the blockchain ecosystem.
Our mid-term target for #Ethereum $ETH remains $6,000… Long-term target: $10,000! https://t.co/X4lodGGIVY pic.twitter.com/siQsJzelzE
— Ali (@ali_charts) November 27, 2024
Turning to Bitcoin, Martinez made a unique observation tied to Thanksgiving celebrations in the U.S. He suggested that family discussions about Bitcoin during the holiday could fuel renewed interest, potentially driving BTC’s price back to $99,000. He added that technical indicators align with this outlook, hinting at the possibility of a significant rally.
Currently, Bitcoin trades at approximately $95,194. Martinez emphasized the importance of maintaining key support levels, particularly the $93,580 zone, where a large volume of 667,000 BTC has been accumulated. He warned that dropping below this threshold could prompt major holders to sell, putting downward pressure on the price. As a precaution, he noted that he employs a stop-loss strategy to mitigate risks.
While Martinez’s predictions are ambitious, he acknowledged the inherent uncertainties of the market and remains cautious in his approach.
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Metaplanet Inc., a Tokyo-listed company, has just added 780 more Bitcoin to its treasury. The purchase, announced on July 28, cost around ¥13.666 billion or $92.5 million, with an average price of $118,622 per BTC.
Ethereum just crossed the $3,900 mark, rising over 62% in the past month, according to CoinMarketCap data.