Trader Says One Metric Signaling Massive Upside Potential for Bitcoin, Updates Outlook on Ethereum and Dogecoin
Cryptocurrency trader Ali Martinez is leaning bullish on Bitcoin (BTC) while offering his forecast for Ethereum (ETH) and Dogecoin (DOGE).
Martinez tells his 91,300 followers on the social media platform X that online searches for the keyword “Bitcoin” are in the bottom 50th percentile, suggesting low interest relative to the levels usually experienced at the height of bull markets.
“Investor sentiment remains subdued, far from euphoric—indicating Bitcoin may still have significant room to grow before reaching a market top.”
Bitcoin is trading at $97,450 at time of writing.
Next up is Ethereum. Martinez says that Ethereum could rally by around 67% from its current level over the medium term. Over the long term, the he says the top altcoin could go up by nearly 180% over the coming weeks, eclipsing its all-time high of around $4,900 reached in November of 2021.
Based on Martinez’s chart, it appears that Ethereum is in an ascending channel on the weekly time frame and the medium-term target price sits around the upper boundary of the channel. In technical analysis, an ascending channel consists of upward-sloping parallel trendlines and is an indication of a strong uptrend.
Ethereum is trading at $3,590 at time of writing.
Next up is Dogecoin. Martinez says that the flagship memecoin is at a “very critical resistance point.” The crypto analyst says that Dogecoin could plunge by up to 17% from current prices if it fails to convincingly cross above the major resistance area.
“A sustained break above $0.40 will send it to $0.43, but failing to clear the $0.40 resistance will trigger another dip to $0.36 or even $0.34!”
Dogecoin is trading at $0.41 at time of writing.
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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.
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