Crypto Trader Says Bitcoin Has Entered Price Discovery, Updates Outlook on Ethereum, Solana and Dogecoin
A widely followed trader says Bitcoin (BTC) is not done printing new all-time highs after breaking out of key resistance levels this week.
Analyst Ali Martinez tells his 138,400 followers on the social media platform X that Bitcoin has entered a price discovery phase and may soon increase by more than 33% of its current value.
In crypto trading, price discovery generally refers to an asset soaring to uncharted territory and new all-time high levels.
“Bitcoin is trading at new all-time highs, entering price discovery. The next key levels to watch are $116,000, $126,000, $136,000 and $148,000!”
Bitcoin is trading for $111,042 at time of writing, up 1.8% in the last 24 hours.
Next up, the analyst suggests that Ethereum (ETH) is completing an inverse head and shoulders pattern, a bullish reversal pattern in technical analysis.
“If Ethereum breaks above the $2,588 resistance, it could trigger a bullish move toward $3,000.”
Ethereum is trading for $2,669 at time of writing, up 3.9% in the last 24 hours.
Looking at Solana (SOL), the analyst says that the ETH rival may soon soar to the upper bound of a bullish ascending channel, after bouncing off the lower bound.
“Solana looks poised to target the upper boundary of this channel, with $210 in sight!”
Solana is trading for $179 at time of writing, up 3.9% in the last 24 hours.
Lastly, the analyst says that the top memecoin Dogecoin (DOGE) may be printing a bull pennant pattern on the hourly chart, a continuation pattern where a period of consolidation is often followed by a breakout.
“DOGE appears to be breaking out of a bull pennant, which suggests a target of $0.31!”
DOGE is trading for $0.24 at time of writing, up 4.2% in the last 24 hours.
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