Talented Trader Predicts Breakout for Top-10 Blue-Chip Altcoin, Provides Latest Analysis for Bitcoin and Ethereum

Crypto analyst Ali Martinez predicts a bullish pattern in a top-10 altcoin by market cap, suggesting a potential double-digit percentage price increase.

Martinez, with a following of 35,500 on the X social media platform, suggests that Binance Coin (BNB) might be in the process of forming an inverted head and shoulders pattern, a common indicator of bullish sentiment.

Per Martinez, a significant breakthrough for Binance Coin would entail achieving a consistent closing price above the neckline at $261. If this milestone is reached, the fourth-largest cryptocurrency by market capitalization could potentially experience an approximate 20% increase, reaching a price of $310.

Source: Ali Martinez/X

As of the current writing, Binance Coin (BNB) is trading at $251, reflecting an approximate 10% increase in value over the preceding two weeks.

Shifting focus to Bitcoin (BTC), Martinez asserts that the recent decline in its price to approximately $40,300 has created an attractive opportunity for large investors, often referred to as whales, to accumulate more of the cryptocurrency. Citing data sourced from blockchain analytics company Glassnode, Martinez points out that the number of entities holding 1,000 or more Bitcoin has risen following the price dip.

Source: Ali Martinez/X

As of the current writing, Bitcoin is trading at $42,897.

Now, transitioning to Ethereum (ETH), Martinez points out that roughly 5.58 million addresses have acquired 39.87 million Ethereum tokens within the price range of $1,934 to $2,160.

Martinez emphasizes, "From an on-chain standpoint, this marks Ethereum's pivotal support level. For traders, this presents an opportune reloading opportunity to target fresh all-time highs."

Source: Ali Martinez/X

As of the current writing, Ethereum is trading at $2,287.


Dec 15, 2023

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