Bitcoin Realized Price Metric Sends Bullish Confirmation Signal, Says Analyst
An analyst and trader, Ali Martinez, believes that Bitcoin’s realized price metric is indicating a bullish confirmation signal. He explains that Bitcoin’s realized price, which is the average price of all Bitcoins in circulation based on their last movement, is rising above the long-term holder’s realized price metric. The long-term holder realized price is the average acquisition price of Bitcoins that have not been moved for at least five months.
Martinez sees this as a positive sign, suggesting that new investors are entering the market and demonstrating confidence in Bitcoin’s future performance. In the past, when this situation occurred, Bitcoin experienced significant price surges of 12,736%, 4,474%, and 819% respectively.
Cardano Echoing Past Trajectory Could Rally by 72%, Says Analyst
Martinez also mentions Cardano (ADA) and notes that it seems to be following a similar trajectory to its pattern from 2018 to 2020, excluding the Covid-19 downturn. According to Martinez, if ADA maintains this pattern, it could potentially rally by approximately 72% from its current level. He suggests that if ADA breaks through the $0.45 resistance level, it could reach $0.75 by late December.
Hot Take: Bullish Signals for Bitcoin and Cardano Point to Promising Future
The bullish signals identified by analyst Ali Martinez for both Bitcoin and Cardano indicate a promising future for these cryptocurrencies. With Bitcoin’s realized price surpassing the long-term holder realized price metric, it suggests an influx of new investors who are confident in Bitcoin’s potential growth. Similarly, Cardano’s trajectory resembling its previous pattern indicates a potential rally in its price if it continues on this path. These positive indicators offer hope and optimism for crypto enthusiasts, as they anticipate the potential for significant price increases in the coming months.
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