Technical Analyst Sees Bullish Price Expectations for Major Cryptocurrencies
A technical analyst, Ali Martinez, has shared bullish price expectations for several popular cryptocurrencies.
According to Martinez's analysis, Bitcoin (BTC) is currently trading within an ascending channel that it has followed over the past two years. The first significant level for BTC is indicated as its previous peak of $125,000. If this level is surpassed, BTC could rise towards the upper limit of its long-term ascending channel, testing approximately $190,000.
The analyst also examined Ethereum's (ETH) monthly chart and identified a rising channel that has been ongoing for around five years. The upper limit of the channel around $5,000 stands out as an important technical level for ETH. If ETH breaks above this region, the next target could be $8,800.
Martinez also analyzed XRP's monthly chart and noted a rising triangle pattern with resistance around the $3.66 level. A monthly close above this resistance could confirm the breakout, bringing the formation's technical target to around $31.87.
Finally, the analyst identified a cup-and-handle pattern on Solana's (SOL) monthly chart, with the neckline of the pattern around $295. A monthly close above this level could strengthen the bullish scenario, and the technical target of the pattern could be around $2,744.