A Promising Outlook for Crypto: Bitcoin, Ethereum, XRP, and Dogecoin Analysis
A well-known crypto analyst has shared some bullish insights into the potential future of Bitcoin (BTC) and other major cryptocurrencies. Based on key on-chain metrics and technical indicators, the analyst suggests that significant price movements could be on the horizon for Bitcoin, Ethereum, XRP, and Dogecoin.
Bitcoin’s Potential Surge to New All-Time High
According to the analyst, one metric that stands out is the short-term holder (STH) cost basis model for Bitcoin. This metric estimates the average price at which short-term Bitcoin holders acquired their coins, providing insights into potential entry and exit points. The analyst believes that as long as the $105,450 support level holds, Bitcoin could see a substantial increase of over 19% to reach $125,230 and potentially $141,770.
Additionally, the analyst also utilizes the cumulative value-days destroyed (CVDD) metric to identify potential market tops and bottoms. Based on this metric, the analyst suggests that the next Bitcoin top could be at $149,679.
Ethereum and XRP Analysis
Turning to Ethereum, the analyst looks at the Market Value to Realized Value (MVRV) indicator to predict potential price movements. The analyst believes that Ethereum could increase by more than 35% from its current value, with targets set at $4,220 and potentially $5,140, as long as the $3,300 support level holds.
For XRP, the analyst notes the formation of a bullish reversal pattern on the four-hour chart. A close above $3.30 could confirm the breakout, leading to a potential increase of over 16% to $3.60.
Dogecoin’s Potential Reversal
Lastly, the analyst highlights Dogecoin, suggesting that the Tom DeMark (TD) Sequential indicator indicates a buy signal on the daily chart. This signal could signal another leg up for Dogecoin, presenting an opportunity for a bounce in the price.
Overall, with positive outlooks for Bitcoin, Ethereum, XRP, and Dogecoin, the crypto market may be gearing up for some significant price movements in the near future.
Stay informed with the latest updates on crypto trends by following us on X, Facebook, and Telegram.
Don’t miss out on important news – subscribe to get email alerts delivered directly to your inbox.
Check out the latest price action and stay informed with The Daily Hodl Mix.
Generated Image: DALLE3