Analyst and trader Ali Martinez is saying that the realized price metric for Bitcoin (BTC) is sending a bullish confirmation signal.
Martinez tells his 34,300 followers on the social media platform X that Bitcoin’s realized price is rising above the long-term holder’s realized price metric.
The realized price is the average price of all Bitcoins in circulation calculated based on the price at which they were last moved. Meanwhile, the long-term holder realized price is the average price of acquisition of all the Bitcoin that have not moved for at least five months.
According to Martinez, the fact that Bitcoin’s realized price is rising above the long-term holder realized price metric is an indication that new investors are coming into the market.
“The crypto market is gaining momentum, with newer investors willing to buy at higher prices.
This can be seen as a bullish sign, showing confidence in BTC future performance. The last three times this happened, BTC skyrocketed 12,736%, 4,474%, and 819%, respectively.”
Bitcoin is trading at $43,427 at time of writing.
Turning to Cardano (ADA), Martinez says that the ninth-largest crypto asset by market cap is echoing the trajectory it followed from 2018 to 2020 “minus the Covid-19 downturn” that saw ADA break down below its trading range.
According to Martinez, Cardano could potentially rally by around 72% from the current level, if and after ADA manages to maintain the existing pattern.
“If this pattern holds, we could see ADA punching through the $0.45 resistance soon.
What’s next? A potential rally to $0.75 by late December!”
Cardano is trading at $0.436 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 loses 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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Source: https://dailyhodl.com/2023/12/08/bitcoin-just-flashed-a-signal-that-previously-resulted-in-over-800-btc-price-explosion-says-crypto-trader/