Crypto trader says Dogecoin rival shows bullish signal, predicts double-digit rise in Bitcoin
Cryptocurrency trader and strategist Ali Martinez expresses his bullish sentiment on a competitor to Dogecoin (DOGE) and Bitcoin (BTC).
Martinez tells his 42,700 followers on social media platform could prepare”.
The TD Sequential indicator is used to predict the potential of a market trend reversal.
“Watch out as SHIB could rise to $0.010 or possibly even reach $0.011!”
Source: Ali Martinez/X
Shiba Inu is trading at $0.00000903 at the time of writing.
When it comes to Bitcoin, Martinez says that based on the historical precedent of the Market Value to Realized Value (MVRV), the flagship crypto asset could rise around 41% from current levels.
The MVRV is the ratio of Bitcoin's market capitalization compared to its realized capitalization – the value of all Bitcoin at the price at which they were purchased. The MVRV extreme deviation price bands are used to determine possible market bottoms and peaks, with the standard deviation of 1.0 being the upper band and the standard deviation of -1.0 being the lower band.
“During past bull markets, Bitcoin rallied strongly after reaching the mid-MVRV price range.
We are currently observing a similar pattern. Given the recent rebound from the median MVRV at $40,500, there is an opportunity for BTC to rise to the 1.0 standard deviation line at $60,000!”
Source: Ali Martinez/X
Bitcoin is trading at $42,653 at the time of writing.
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