Bitcoin (BTC) on Cusp of Advancing Higher, According to Crypto Trader – But There’s a Catch

By The Daily Hodl October 28, 2023 In Bitcoin, Ethereum
Source: Ali Martinez/X

Crypto trader Ali Martinez says that Bitcoin (BTC) is on the verge of making more moves to the upside, but it may dip first.

Martinez tells his 31,700 followers on the social media platform X that Bitcoin will likely break beyond the upper trendline of a bullish ascending triangle.

However, the trader predicts Bitcoin may first decline to $33,000 before the breakout move.

“Bitcoin looks like it wants to pull back before advancing higher! BTC appears to have formed an ascending triangle on the hourly chart. As BTC trades below the hypotenuse, the odds increase for a 5% correction toward $33,000.”

Source: Ali Martinez/X

The trader also says that based on Bitcoin’s previous two market cycle percentage increases from market bottoms to tops, the current cycle will likely hit a high sometime in October 2025.

“Examining the past two cycles from the market bottom and the present Bitcoin trend suggests it’s still a good time to buy BTC! A similar trajectory points to the next BTC market top around October 2025. We still got two exciting years ahead!”

Source: Ali Martinez/X

Bitcoin is trading for $34,008 at time of writing.

The trader also weighs in on Ethereum (ETH), saying that data from the crypto analytics firm IntoTheBlock shows Ethereum will face a lot of resistance at the $1,960 level where there is a “supply wall,” meaning holders may sell off ETH if it hits that level.

“Wen Ethereum break out?

Well, you may need to wait for ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million ETH, according to IntoTheBlock.”

Source: Ali Martinez/X

Ethereum is worth $1,783 at time of writing.

Generated Image: Midjourney

Published on

The Daily Hodl

View the full article

You may also like