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 buy signal” for Shiba Inu (SHIB) and “hinting that SHIB could be gearing up for an upswing”.
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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