October 31, 2023
Crypto trader Ali Martinez predicts that Bitcoin (BTC) is poised for an upward move, but a temporary dip may occur first. According to Martinez, Bitcoin is likely to break above the upper trendline of a bullish ascending triangle. However, before the breakout, the trader expects Bitcoin to decline to $33,000. This correction is estimated to be around 5%.
Martinez also analyzes Bitcoin's previous market cycles and suggests that the current cycle will reach its peak in October 2025. Based on historical data, he believes that now is a good time to buy Bitcoin, as there are still two exciting years ahead.
At the time of writing, Bitcoin is trading at $34,008.
In addition to Bitcoin, Martinez also comments on Ethereum (ETH). He points out that data from the crypto analytics firm IntoTheBlock indicates that Ethereum will face significant resistance at the $1,960 level. This resistance is attributed to a large number of addresses holding approximately 33 million ETH. If Ethereum surpasses this level, it may experience a breakout.
Currently, Ethereum is valued at $1,783.
In conclusion, both Bitcoin and Ethereum are showing potential for upward movement. However, investors should be aware of the possibility of a temporary dip in Bitcoin's price and the resistance level for Ethereum at $1,960. It is important to conduct thorough research and exercise caution when making investment decisions in the cryptocurrency market.