The latest analysis from a well-known crypto analyst suggests that Bitcoin (BTC) may face a decline to under $110,000 after losing a crucial support level. The analyst, Ali Martinez, who has a significant following on the social media platform X, points to a key metric known as the Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) model to predict potential price movements.
According to Martinez, Bitcoin has already lost the critical $116,950 support level, and all eyes are now on the next major support level at $107,000. The current price of Bitcoin stands at $115,156, representing a 2.6% decrease in the last 24 hours.
Moving on to other cryptocurrencies, Martinez also provides insights on Ethereum (ETH) rival Cardano (ADA) and decentralized oracle network Chainlink. He predicts that Cardano may be gearing up for a significant bull run, with the potential to surpass $5 in the near future. On the other hand, Chainlink is expected to reach around $44.50 by the end of the year, as it continues to trade within a bullish ascending channel.
As for Filecoin (FIL) and meme coin Pepe (PEPE), Martinez warns of potential price declines. Filecoin appears to be breaking out of a channel, with a possible target of $0.89, while Pepe faces a significant correction if it fails to reclaim the $0.0000118 support level.
At the time of writing, ADA is trading at $0.73, Chainlink at $16.68, FIL at $2.36, and PEPE at $0.00001072, all showing slight declines in the last 24 hours.
In conclusion, cryptocurrency markets remain highly volatile, with various digital assets facing potential price swings in the coming days. Traders and investors are advised to closely monitor key support and resistance levels to make informed decisions. Stay updated on the latest developments by following us on X, Facebook, and Telegram, and subscribe to receive email alerts directly to your inbox. Don’t miss out on the latest price action and stay informed with The Daily Hodl Mix.
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