Prominent Analyst Says “Cup and Handle” Model Formed for Bitcoin, Gives Mind-Boggling Long-Term Target
Cryptocurrency analyst Ali Martinez gave a level estimate for the long-term outlook of the Bitcoin price in his statement.
Ali Martinez, one of the well-known analysts of the cryptocurrency world, shared his thoughts, including a mind-boggling price target for Bitcoin in a short statement.
According to the analyst, BTC’s current price action is essentially noise that should be ignored and that BTC may actually be forming a Cup and Handle pattern. According to Ali Martinez, this places the long-term bullish target for BTC between $194,000 and $352,000.
On the other hand, the analyst spoke after BTC had one of the best Septembers in its history. He claimed that historically, when the BTC price closed September in the green zone, it made even bigger gains in the last three months of the year. However, it is important to remember that past movements are no guarantee of future movements.
In addition, speaking about altcoins, the analyst shared that Ripple whales bought 470 million XRP in the last 10 days.
He gave a bearish outlook on an altcoin. The analyst noted that the TD Sequential indicator for Cardano (ADA) is giving a bearish signal on the daily chart, which could potentially mean a short-term correction.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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