While Bitcoin continued its volatile movements before the ETF decision, it reached the $ 45,500 level within minutes. Afterwards, it rose above $46,000 again.
While these volatile movements were expected before the ETF decision, the Bitcoin price prediction came from popular analyst Ali Martinez.
At this point, the analyst said that $42,000 is solid support for Bitcoin, with the support of 2.48 million addresses receiving more than 1.12 million BTC.
Pointing out that the next resistance for BTC is $ 48,000, the analyst argued that if the resistance at $ 48,000 is passed, Bitcoin can rise to $ 55,000.
“Bitcoin has formed a solid support zone at $42,000, supported by 2.48 million addresses that have purchased more than 1.12 million BTC.
If Bitcoin can successfully surpass the $48,000 resistance, on-chain data suggests that BTC's upward path is clear.
With no major buying zone in sight, BTC could rise to $55,000.”
#Bitcoin has established a solid support zone at $42,000, backed by 2.48 million addresses holding over 1.12 million $BTC.
If #Bitcoin can successfully breach the $48,000 resistance, on-chain data suggests a clear path ahead. With no major supply zones in sight, #BTC could be… pic.twitter.com/xfNHbg3gyy
— Ali (@ali_charts) January 9, 2024
“Solana Creates a Bull Flag!”
Apart from BTC, the analyst also examined Solana, which attracted attention with its rise in 2023. Stating that SOL showed signs of forming a bull flag, the analyst said that $ 110 was the critical level for Solana.
A close above $110 could start the rise in Solana towards $163.
“On the hourly chart, the Solana bull flag is showing signs of formation.
A clear close above the $110 resistance level could be the catalyst for a significant upside move!
If this pattern continues, we could see SOL heading towards an ambitious target of $163.”
Solana continues to trade at $100 at the time of writing.
On the hourly chart, #Solana is showing signs of forming a bull flag. A decisive close above the $110 resistance level could be the catalyst for a significant upward move!
If this pattern holds, we might see $SOL heading toward an ambitious target of $163. pic.twitter.com/dHNDnb9uNK
— Ali (@ali_charts) January 9, 2024
*This is not investment advice.
