While Bitcoin, the leading cryptocurrency, made a strong comeback last night and rose to $ 45,000, it also mobilized altcoins.
While the rise in BTC and altcoins made investors happy in the short term, it brought to mind the question of whether the rise will continue.
At this point, while many analysts expressed their opinions, one analysis came from the successful analyst Ali Martinez.
Evaluating Bitcoin first, Martinez said that he did not expect BTC to fall below the critical support level of $ 42,560 in the future.
The analyst, who thinks that the rise will continue for BTC, stated that the main resistance levels to watch are $ 47,360 and $ 56,970.
“It would be surprising if Bitcoin continues to fall below the $42,560 support level, where 1.02 million BTC was last traded.
Conversely, the main resistance levels to watch are $47,360 and $56,970.”
With 1.02 million $BTC last transacting within the $42,560 price range, it would be surprising to see #Bitcoin sustain a drop below this critical support level in the future. Conversely, the main resistance levels to monitor are $47,360 and $56,970. pic.twitter.com/uu3jNzLhXp
— Ali (@ali_charts) February 8, 2024
“Cardano (ADA) May Rise by 32 Percent!”
Examining the popular altcoin Cardano after Bitcoin, the analyst predicts a potential rise in the Cardano price.
Stating that ADA has formed a descending triangle formation on its daily chart at this point, the analyst claimed that a continuous daily closing of ADA above $ 0.53 could lead to the start of a 32% rally.
“Cardano is showing signs of a descending triangle formation on the daily chart.
A sustained daily close above $0.53 could spark a 32% rally and potentially push ADA as low as $0.68!”
Cardano continues to trade at $0.52 at the time of writing.
#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI
— Ali (@ali_charts) February 8, 2024
*This is not investment advice.
