Traders say one indicator is signaling a significant increase in forecasts for Bitcoin, Ethereum and Dogecoin - Daily Hodl
Cryptocurrency trader Ali Martinez is generally optimistic about #Bitcoin (BTC) and offers forecasts for #Ethereum (ETH) and DOGE Coin (DOGE).
Martinez informed the 91,300 followers of social media platform X that online search results for the keyword Bitcoin were below the 50th percentile, indicating low interest rates compared to levels typically seen at the peak of a bull market.
Investor sentiment remains calm, far from euphoric, indicating that bitcoin still has some way to go before it reaches the top of the market. Bitcoin is trading at $97,450 at the time of writing, followed by Ethereum. Martinez believes that in the medium term, Ethereum could grow by about 67% from current levels. In the long term, he says that this altcoin could grow in value by nearly 180% in the coming weeks and surpass the 11-month historical high of ¥4,900.2021.
According to Martinez's chart, Ethereum is in an ascending channel with weekly time frames, and the medium-term target price is near the upper boundary of the channel. In technical analysis, an uptrend channel consists of parallel trend lines that are rising, and is a sign of a strong uptrend.
At the time of writing, Ethereum is trading at $BTC followed by #Dogecoin . Martinez says the flagship memcoin is at a very important resistance level.
The cryptocurrency says Dogecoin could fall 17% from its current price if it fails to convincingly overcome a key resistance zone.
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