Cryptocurrency trader and strategist Ali Martinez is expressing bullish sentiment on a Dogecoin (DOGE) competitor and Bitcoin (BTC).
Martinez tells his 42,700 followers on the X social media platform that the Tom Demark (TD) Sequential indicator is “flashing a buy signal” for Shiba Inu (SHIB) and “hinting that SHIB could be gearing up for an upswing”.
[adinserter block="1"]The TD Sequential indicator is used to forecast the potential of a market trend reversing.
“Keep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011!”
Shiba Inu is trading at $0.00000903 at time of writing.
Turning to Bitcoin, Martinez says that based on historical precedent of the Market Value to Realized Value (MVRV), the flagship crypto asset could rally by around 41% from the current level.
The MVRV is the ratio of Bitcoin’s market capitalization compared to its realized capitalization – the value of all Bitcoin at the price they were bought at. The MVRV’s extreme deviation pricing bands are used to determine possible market bottoms and tops with the 1.0 standard deviation being the upper band while -1.0 standard deviation is the lower band.
“During past bull markets, Bitcoin rebounded strongly after touching the mean MVRV pricing band.
We’re witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there’s potential for BTC to surge to the 1.0 standard deviation line at $60,000!”
Bitcoin is trading at $42,653 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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