Crypto Trader Predicts Bullish Pattern for Binance Coin (BNB)
Crypto trader and analyst Ali Martinez believes that Binance Coin (BNB), a top-10 altcoin by market cap, is showing signs of a bullish pattern. Martinez suggests that BNB could be forming an inverted head and shoulders pattern, which typically indicates a bullish trend. If BNB manages to close above the neckline at $261, Martinez predicts that the crypto asset could surge by nearly 20% to reach the $310 price level.
Bitcoin Presents Accumulation Opportunity for Whales
Martinez also comments on Bitcoin’s recent price drop to around $40,300, stating that this presented an opportunity for whales to accumulate more BTC. Data from blockchain analytics firm Glassnode shows an increase in the number of entities holding 1,000 Bitcoin or more since the price dip.
Ethereum’s Critical Support Level and Reloading Point
Regarding Ethereum (ETH), Martinez notes that approximately 5.58 million addresses purchased 39.87 million ETH at prices ranging between $1,934 and $2,160. He considers this on-chain data to be ETH’s most critical support level and suggests that it could be an ideal reloading point for traders aiming for new highs.
Hot Take: Promising Outlook for Altcoins and Major Cryptocurrencies
According to Ali Martinez, Binance Coin (BNB) may be on the verge of a breakout with a potentially significant price increase. Additionally, he highlights Bitcoin’s accumulation opportunity for whales following its recent price drop. Lastly, Martinez points out Ethereum’s critical support level as a potential reloading point for traders looking to achieve new highs. These insights indicate promising trends and potential opportunities in both altcoins and major cryptocurrencies.
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