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As Bitcoin Reclaims $73K, Analyst Sets Potential $462K Top, Citing Historic Fibonacci Levels

Abdulkarim Abdulwahab
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As Bitcoin Reclaims $73K, Analyst Sets Potential $462K Top, Citing Historic Fibonacci Levels

Amid the ongoing push from Bitcoin to break its all-time high, veteran analyst Ali Martinez argues that the market could see a further 530% gain.

The uptrend in the Bitcoin market continues to gain momentum, with the asset closing at a higher value for the fourth consecutive day. On Tuesday, Bitcoin reached one of its highest values of the year at $73,577, placing it just a hair’s breadth away from its all-time high of $73,750.

Although Bitcoin briefly pulled back to $72,450 at press time, optimism remains high in the crypto community that a new all-time high is just around the corner. Prominent market watchers have shared projections for what they believe could be Bitcoin’s peak for this cycle as bullish sentiment prevails.

Bitcoin to Top at $174K or $462K

Technical analyst Ali Martinez is one such market watcher, drawing inspiration from Bitcoin’s historical Fibonacci retracement levels. In a post on X today, he pointed out that Bitcoin has historically established its cycle tops during previous bull runs between the 1.618 and 2.272 Fibonacci levels.

For instance, in the 2020/2021 cycle, Bitcoin’s peak above $68K aligned with the 1.618 Fibonacci level, while in the 2017/2018 cycle, the peak around $20K corresponded with the 2.272 Fibonacci level.

Accordingly, Martinez suggested that the next Bitcoin peak could fall between $174,000 and $462,000 if this trend continues.

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Bitcoin chart by Ali Martinez

Notably, attaining $174K from its prevailing market value of $72,450 would mean a further increase of 140%. Meanwhile, the upper boundary of the projection would amount to a more astounding growth of 537.68%. 

For context, at $462,000, Bitcoin would have a market cap of $9.14 trillion, exceeding the collective market cap of Apple, Google, and Microsoft.

Other Market Experts’ Views on Bitcoin’s Top

Meanwhile, other market observers have expressed similar sentiments regarding Bitcoin’s potential peak for this cycle by analyzing the asset’s historical trends.

In March, Mark Yusko, CEO of Morgan Creek Capital Management, provided mathematical reasoning for his projection of $150,000 as Bitcoin’s peak. He based this forecast on Metcalfe’s Law, suggesting that Bitcoin’s fair value, around $50,000 at the time, would rise to $75,000 post-halving. He noted that historically, Bitcoin peaks at about twice its fair value, supporting the $150,000 target.

Market veteran Peter Brandt has indicated that Bitcoin could reach $94,000 or $160,000 based on its cycle symmetry. He noted that past bull cycles have typically resulted in new highs 490 to 550 days post-halving. Brandt also suggested a more ambitious target of $230,000, derived from projected movements following the November 2022 low.

Meanwhile, financial pundits like Robert Kiyosaki, who have forecasted a Bitcoin peak of $500,000 for this cycle, often cite economic factors and global monetary concerns.

Tether Mints 1B USDT on Tron, as Market Demand Spikes

Mark Brennan
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Tether Mints 1B USDT on Tron, as Market Demand Spikes

Leading stablecoin issuer Tether has minted 1 billion USDT on the Tron network, sparking speculations of higher prices amidst surging demands.

Blockchain tracker Whale Alert recently revealed that the Tether Treasury has minted 1 billion USDT on the Tron network. The latest transaction, which occurred on Tuesday at 20:43 (UTC), saw the leading stablecoin issuer replenish its USDT inventory on Tron.

Tether’s CEO Paolo Ardoino confirmed the transaction, noting it was “authorized but not issued.” This meant the minted USDT on Tron was not in circulation yet and would be used as inventory for the next batch of issuance requests and chain swaps.

Tether’s transparency page confirms Ardoino’s disclosure, as 1.059 billion USDT remains in the authorized but not issued column of Tron’s USDT details.

Tether Issuance Hits $20B on Tron

The incessant demand for USDT on the Tron network has surged to new levels, as the market has now witnessed the minting of $20 billion in USDT on the blockchain in the past year. Notably, the Tron network holds more than half of the entire USDT in circulation, establishing itself as an important stakeholder in Tether’s multi-billion stablecoin market.

Data shows that of the $120 billion Tether in circulation, $61.7 billion (51.23%) are on the Tron network. Meanwhile, Ethereum holds the second-largest USDT reserve, with $54.5 billion in Tether (45.2%) situated on the leading smart contract network.

Notably, Tether dominates the stablecoin sector, with USDT accounting for over 67% of circulating USD-pegged cryptos. The firm recently debunked speculations that it was under investigation for aiding money laundering due to its high market presence.

What’s Next for the Market

Meanwhile, the Tuesday minting has sparked optimistic speculations among the crypto community, which anticipates higher prices for Bitcoin and altcoins following the fresh USDT redeployment.

The theory remains that Bitcoin’s latest surge to multi-month highs has attracted investors who need stablecoins to acquire crypto assets. A user mentioned that “wen they print, we go higher.”

Notably, stablecoin minting and deployment historically signal surging demands in the crypto market, especially in bull cycles. In turn, the increased traction fosters higher market prices. An example is the $3 billion USDT injection in August, which spearheaded an intense market recovery when Bitcoin dropped below $50,000.

Bitcoin Forms Golden Cross with MVRV Ratio, Analysts Expect Further Uptrend to $148K

Mark Brennan
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Bitcoin Forms Golden Cross with MVRV Ratio, Analysts Expect Further Uptrend to $148K

Bitcoin has formed two golden cross patterns amid the recovery push, with analysts projecting further uptrend from recent highs.

Two prominent market analysts, Crypto Rand and Ali Martinez, recently discussed Bitcoin’s potential to surge to greater heights through two separate yet converging analyses. 

Bitcoin Forms Traditional Golden Cross

Crypto Rand’s analysis focuses on a traditional golden cross involving the 50-day and 200-day moving averages (MAs) on Bitcoin’s daily chart. In his chart, the 50-day MA recently crossed above the 200-day MA—a pattern that usually precedes bullish momentum. 

Bitcoin Traditional Golden Cross Crypto Rand
Bitcoin Traditional Golden Cross | Crypto Rand

The analyst confirmed that the previous golden cross for Bitcoin, which occurred in late 2023, propelled the firstborn crypto asset from $34,000 to the ATH above $73K in March 2024, marking a robust 110% gain over four months. 

Crypto Rand believes this movement sets precedent that Bitcoin could follow in subsequent structure. Notably, the golden cross recently materialized again. Now, the analyst anticipates a similar rally, projecting Bitcoin to reach around $148,000 in the coming months.

The chart also outlines a timeframe for this potential rally. Crypto Rand measures 137 bars (137 days) from the initial golden cross, in sync with Bitcoin’s previous cycle. If history repeats, Bitcoin’s price could make strides within a similar period, with the target set at early to mid-2025. 

BTC Forms MVRV Ratio Golden Cross

Meanwhile, Ali Martinez made a complementary analysis but focused on Bitcoin’s Market Value to Realized Value (MVRV) Ratio. The ratio compares Bitcoin’s current price with the average purchase price to check if the asset is undervalued or overvalued.

Martinez’s chart shows Bitcoin’s MVRV Ratio crossing above its 365-day simple moving average (SMA). Analysts regard this pattern as a golden cross in MVRV terms. 

Bitcoin MVRV Ratio Golden Cross Ali Martinez
Bitcoin MVRV Ratio Golden Cross | Ali Martinez

According to Martinez, this crossover typically signals the start of major bull rallies, as it indicates that market participants are accumulating Bitcoin at a faster rate. This accumulation trend tends to create upward pressure on price.

Martinez also pointed to historical data. In previous instances, when the MVRV Ratio crossed its 365-day SMA, Bitcoin experienced substantial rallies. Particularly, similar crosses in 2020, 2021 and 2023 preceded price surges of 638%, 69% and 236%, respectively.

More Room for Growth 

This time, with the MVRV Ratio golden cross newly formed, Martinez suggests Bitcoin may again be on the verge of a major rally. Despite Bitcoin’s recent peak at $72,000, Martinez reassured investors that there is still room for substantial upside.

Notably, market veteran Peter Brandt also argues that Bitcoin still has room for growth, predicting a top of $135K. However, Brandt insists BTC has still not recorded a breakout for this second leg up. 

The upcoming U.S. presidential election could catalyze this much-needed breakout. Matthew Sigel, VanEck’s Head of Research for Digital Assets, argued that Bitcoin’s correlation with traditional assets is bullish going into the elections. At press time, BTC trades for $72,410.

Here Is the Only Reason XRP Price Will Explode

Lele Jima
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Here Is the Only Reason XRP Price Will Explode

This major factor could propel XRP price for a dramatic explosion to unprecedented levels in the near future.  

Despite recording a low performance this year, XRP has continued to attract attention among crypto investors. Currently changing hands at $0.5235, XRP has lost 15.6% of its value year-to-date (YTD) and 16.7% in the past three months. 

SEC v. Ripple Appeal Tanks XRP Price 

This collapse is likely due to the SEC v. Ripple lawsuit entering the appeal phase. As observed earlier this month, XRP was trading around $0.60 before the SEC filed its notice of appeal on October 2. A few hours after submitting the filing, XRP’s price crashed by 15% to $0.51. 

While the appeal could linger until 2026, several analysts like Crypto Pal remain confident about a potential price explosion for the coin. 

The expert suggested that XRP made a remarkable move in August that saw it break out of a seven-year trendline. Even though it experienced a significant dip over the weekend fueled by the Tether report, Pal characterized this move as a retest of the breakout. 

XRP Legal Clarity Could Propel XRP For a Massive Price Surge

While several analysts have remained confident about a significant spike for XRP, we have highlighted a major factor that could propel the Ripple-affiliated token’s value upward in the near future. 

XRP’s legal clarity remains the major factor that could trigger an explosion in the coin’s price. Recall that XRP, which was once deemed a security by the SEC in 2020, received legal clarity on July 13, 2023, in the SEC v. Ripple lawsuit.

At the time, the ruling judge Analisa Torres declared that XRP in itself is not a security, ending the multi-year debate about the coin’s regulatory status. 

Interestingly, the SEC accepted the XRP non-security status ruling, confirming that the coin is nothing but “a computer code with no inherent value.” Furthermore, the SEC affirmed the decision this month by refusing to challenge XRP’s non-security status on appeal.

With XRP’s non-security status uncontested, this could trigger more retail and institutional adoption of XRP, potentially leading to a price boost. 

Other Factors That Could Boost XRP’s Value

Besides XRP’s non-security status, there are other factors that could also lead to a dramatic spike in the coin’s price. They include:

Payment Utility 

Ripple’s efficient payment solution ODL (now Ripple Payments) utilizes XRP as a bridge currency between two fiats for cross-border settlements. 

Since the inception of the payment solution, multiple financial institutions have leveraged XRP through ODL to move value. This solution offers cost-effective, high-speed, and seamless payments. As Ripple continues to partner with more financial institutions, demand for XRP could soar. 

Positive Community Sentiment 

Despite its entanglement in the SEC v. Ripple lawsuit, XRP has continued to receive positive sentiment among its community members.

Its dedicated community members actively promote the coin on social media platforms. This positive sentiment could help XRP stay in the limelight, attracting new investors to the coin and also boosting its price. 

XRP ETFs 

The potential launch of XRP spot exchange-traded fund (ETF) is also expected to positively impact XRP’s price. Bitwise and Canary Capitals filed with the SEC to launch two XRP ETFs earlier this month. 

Furthermore, Grayscale Investments also applied to the regulator to convert its Digital Large Cap Fund, which contains a basket of assets like XRP, to a spot-based ETF. The potential approval of the fund could lead to a significant inflow of capital into the XRP ecosystem, dramatically boosting the coin’s price in the future. 

The aforementioned factors could trigger an explosion in XRP price in the near future, especially in the second phase of the bull run. 

Shiba Inu Lead Shows SHIB 33,774,726% Surge, Outperforming BTC and Other Assets in the Last Decade

Lele Jima
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0
Shiba Inu Lead Shows SHIB 33,774,726% Surge, Outperforming BTC and Other Assets in the Last Decade

Shiba Inu lead developer, Shytoshi Kusama, reacts to claims that Bitcoin is the best-performing asset in the last decade by showing off SHIB’s extraordinary gain. 

The broader crypto market has witnessed an impressive performance this week, with the prices of various assets like Bitcoin (BTC) staging massive rallies. Following the rally, Bitcoin edged close to surpassing its previous all-time high of $73,750, set on March 14. However, it faced resistance, which led to its plunge to the $72,000 mark. 

Proponents Claim Bitcoin is the Best-Performing Asset in the Last Decade 

Commenting on Bitcoin’s outstanding performance, some proponents contended that BTC is the best-performing asset in the last decade. 

Specifically, Vivek Sen, founder of Bitgrow Lab and Bitcoin Magazine reporter, claimed that Bitcoin outperformed other assets like Amazon, Tesla, Apple, and Gold, with an outstanding growth of 569,772%. 

Kusama Refutes Claim, Says SHIB Outperformed BTC By 66x 

Interestingly, Kusama countered this claim by highlighting Shiba Inu’s incredible performance. According to him, Shiba Inu’s price has surged 33,774,726.7% throughout its lifetime. 

The comment suggests that Shiba Inu has outperformed Bitcoin and other assets, making SHIB the best-performing asset. In a follow-up comment, Kusama refuted Sen’s claim again by noting that Shiba Inu outperformed Bitcoin by 66x in terms of lifetime gains. 

In addition, Kusama urged Sen not to take his clarification as disrespectful to Bitcoin, which he characterized as the GOAT (Greatest of All Time). 

Furthermore, the Shiba Inu leader also highlighted the lifetime gains of other top crypto assets, like Dogecoin (DOGE), Solana (SOL), and BNB (BNB), indicating that SHIB outperformed them as well. According to Kusama, these assets boast lifetime gains of 202,583%, 35,715%, and 1,521,482%, respectively. 

Shiba Inu Needs to Earn Its Deserved Respect 

Despite SHIB’s incredible performance, Kusama recognized the need to continue building the project to give the entire Shiba Inu ecosystem its deserved respect. 

He advised crypto enthusiasts not to ignore SHIB, suggesting that the token would finally receive its deserved accolades in the future. 

Meanwhile, Shiba Inu’s incredible performance is a famous tale in the crypto market. The cryptocurrency, which launched in August 2020 with an initial price of $0.000000000056, soared to an all-time high of $0.00008616 on October 28, 2021, representing a jaw-dropping increase of 153,857,042%. 

At the current price of $0.00001909, SHIB is down 77.8% from its ATH value. Nonetheless, the dog-themed token is still up 34,089,185% from its initial price. 

Pundit Mentions 4 Altcoins to Do Extremely Well Like XRP, Cardano Previously Did

Sam Wisdom Raphael
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Pundit Mentions 4 Altcoins to Do Extremely Well Like XRP, Cardano Previously Did

A market pundit has identified four altcoins he believes could perform “extremely well” like XRP and Cardano did in previous bull runs.

The ongoing crypto bull market is on the cusp of slipping into the second phase, which typically introduces the altcoin season, where capital flows from Bitcoin (BTC), the premier crypto asset, to other cryptocurrencies, leading to rapid rallies within the altcoin market.

As the second phase looms, investors continue to shuffle multiple recommendations for altcoins capable of fully riding the wave. Amid the uncertainty, seasoned market analyst Murad recently called attention to four crypto assets that could perform well.

In a recent post on X, Murad pointed to new entrants SPX6900 (SPX), Gigachad (GIGA), Apu Apustaja (APU), and Mog Coin (MOG), all meme coins. He compared these four cryptocurrencies with established top ones, looking to identify a similarity between the two groups. 

XRP and Cardano Among Successful Assets

According to him, these altcoins are worth cupping because they boast relentless and stubborn holders tagged as the “most delusional” in the crypto scene.

The market expert called attention to Bitcoin (BTC), XRP, Cardano (ADA), Chainlink (LINK), and Dogecoin (DOGE) as crypto assets that also have “stubborn holders.” He argued that the relentlessness of these assets’ holders contributed to their historic success.

For instance, XRP, which underperformed at the start of the 2017 bull run, still retained the confidence of its holders at the time. XRP collapsed to a low of $0.003 in January 2017 despite other assets gaining. Shortly after, it rallied to a peak of $3.31 by January 2018, marking a 110,233% gain in a year.

Cardano engineered a similar campaign, but during the previous bull run in 2020/2021. As at March 2020, ADA had slumped to a low of $0.0185. However, after staging a recovery, the altcoin surged to its all-time peak of $3.1 in September 2021. This marked a massive gain of 16,656% in 18 months.

Four Altcoins that Could Replicate This Success

BTC, LINK and DOGE have also replicated runs of this magnitude over the years. Marud believes their rallies was due to resilience from holders, a feature he thinks could benefit newcomers such as GIGA, SPX, APU and MOG.

For context, GIGA, which launched earlier this year as a Solana-based meme coin, has attracted multiple investors into its fold. Data suggests the token has gained 3,897% since its launch, now boasting a market cap of $521 million at press time. GIGA now trades for $0.056, a 107% gain over the past month.

Meanwhile, despite launching late last year, SPX6900 gained prominence this year, with its market cap now sitting at $810 million. SPX started the year with a price of $0.00830, but now trades for $0.8695, having gained 10,375% so far this year.

Also, APU and MOG have established their mark on the crypto scene. While APU is up 144% over the last month, currently trading for $0.000877, MOG has seen a 30.60% rise within the same timeframe. Murad’s commentary suggests these four assets still have room for growth, but this is not a guarantee.

XRP is Here to Stay, Confirms Ripple CTO David Schwartz

Abdulkarim Abdulwahab
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XRP is Here to Stay, Confirms Ripple CTO David Schwartz

Ripple’s Chief Technology Officer David Schwartz has addressed an important question about the role of XRP on the XRP Ledger (XRPL) and clarified why XRP remains essential. 

In a recent exchange, an XRP enthusiast asked Schwartz whether every coin transacted on the XRPL requires XRP, raising concerns about the potential for other assets to operate without it. Specifically, the enthusiast inquired if transactions could occur on the XRPL without XRP acting as a gas fee.

Nothing Can Move on XRPL Without XRP, Says Ripple CTO

In response, Schwartz explained that XRP is not just a transaction medium but a necessity for maintaining the XRPL’s security. He pointed out that spam attacks pose a serious risk to public ledgers. 

Without a scarce asset like XRP to fund transactions, malicious users could overwhelm the network with a flood of transactions, effectively stalling its operation. In this context, XRP acts as a safeguard, imposing a cost on every transaction to ensure network stability.

“XRPL only uses XRP for this purpose. Unless rules change, nothing can move on XRPL without XRP,” Schwartz stated.

Schwartz’s comments highlight a design choice central to the XRPL’s function, confirming that XRP is integral to the ledger’s operation.

XRP Position Also Secured Amid Stablecoin Introduction

Notably, Schwartz’s disclosure also supports the popular view that Ripple’s upcoming stablecoin (RLUSD) could ultimately benefit XRP as it will operate on both the XRP Ledger and the Ethereum blockchain.

Some XRP proponents have previously expressed concerns that Ripple’s decision to incorporate a stablecoin into its cross-border payment service might render XRP unnecessary within Ripple’s payment ecosystem.

However, Ripple CEO Brad Garlinghouse and former Ripple insiders have reiterated that RLUSD will instead strengthen XRP’s ecosystem by improving liquidity and expanding its use cases. They argue that stablecoins are crucial in DeFi, and the introduction of RLUSD will support, not undermine, XRP’s utility. 

In a recent interview, Garlinghouse stated that RLUSD will take on the role currently held by stablecoins like USDT and USDC within Ripple’s payment services.

Essentially, Schwartz’s latest clarification reassures the community that XRP remains central to XRPL operations, even as additional assets like RLUSD are introduced.

Avalanche Price: What Happens If Its Market Cap Hits Solana’s $85B?

Mark Brennan
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Avalanche Price: What Happens If Its Market Cap Hits Solana’s $85B?

As Avalanche (AVAX) gains momentum and Solana (SOL) benefits from Bitcoin’s record surge, there are questions about what happens to these coins if their market caps reach higher levels. Let’s explore what this could mean for their prices.

AVAX’s Path to $85 Billion Market Cap

Avalanche (AVAX) is available at $26.56 with a market cap of $10.81 billion. Its transaction volume has jumped over 79.23% in the last 24 hours. With a total supply of 447.08 million AVAX, achieving a market cap of $85 billion would push AVAX’s price to about $190. This rise would mean a 614% boost from its current price.

AVAX Market Volume 29OCT24
AVAX Market Volume 29 OCT 24

The increasing market volume and interest in AVAX hint at its potential. Achieving this level depends on both market trends and how holders react to the current growth.

SOL’s Rise Amid Bitcoin’s ATH

Bitcoin recently hit a new ATH of $71,098 and a market cap of $1.41 trillion. This move has boosted confidence in the market, which benefits large-cap cryptos like Solana (SOL). Solana is currently priced at $180.87 with a market cap of $85.06 billion.

Solana Market Data 29 OCT 24
Solana Market Data 29 OCT 24

If Bitcoin continues its rally, Solana might push towards new resistance levels. To reach a market cap of $180 billion, SOL would need to hit around $384, which is a 112% rise from its current price. This will depend on Bitcoin’s momentum and the overall market environment since some SOL doubters are still very vocal.

Minotaurus (MTAUR): A Hidden Gem in a Rally?

As Avalanche (AVAX) and Solana (SOL) gear up for new market cap highs, crypto fans are buzzing about big moves ahead. But are there other potential winners that could match or even surpass these? One rising star on the radar of AVAX and SOL supporters is Minotaurus (MTAUR), and it’s worth keeping an eye on as the market heats up!

MTAUR has arrived with a presale price of 0.00005973 USDT, an entry point 70% below its listing rate of 0.00020 USDT. Alongside this attractive early price, Minotaurus is offering special referral and vesting incentives for holders.

On top of that, Minotaurus is hosting a huge 100,000 USDT giveaway, featuring a top prize of 50,000 USDT in MTAUR for one lucky winner. Tokenomics emphasize community growth, reserving 10% of tokens for incentives and only 2% for the team.

With a smart contract audited by SolidProof and Coinsult, Minotaurus has captured the interest of influencers, crypto fans, and experts alike. Don’t miss your chance to get in early and experience what Minotaurus has to offer!

Conclusion

Both AVAX and Solana have room to grow if the market stays bullish. As AVAX works towards higher market cap levels, and Solana rides on Bitcoin’s strength, these coins are worth watching closely.

Along with these high-upside picks, it’s hard to ignore Minotaurus (MTAUR). The low entry price combined with strong utility and unique perks for holders make it noteworthy, especially with that exciting giveaway on offer. Why wait? Dive in early to benefit as an early bird!

Bitcoin Bullish Setup Aims for $110K, but Must Hold Above This Key Level for Confirmation

Albert Brown
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Bitcoin Bullish Setup Aims for $110K, but Must Hold Above This Key Level for Confirmation

As Bitcoin has broken past the $71,000 threshold, analyst Egrag Crypto is eyeing a bullish rally to over $100K.

Over the last 24 hours, Bitcoin has bullishly moved past key resistance levels, reaching a notable milestone above $71,000. This rise represents a significant recovery, as it had not reached this level since June. The ongoing momentum has sparked speculation of further gains, driven by technical patterns and growing institutional demand.

Key Level Bitcoin Must Maintain

Egrag Crypto, an analyst on X, highlighted Bitcoin’s breakout from a descending broadening wedge pattern. This bullish setup is confirmed by Bitcoin’s retest and rebound off the upper boundary of the wedge. 

According to Egrag, Bitcoin maintaining a price above $67,100 is crucial for sustaining this bullish trend. His analysis projects Bitcoin’s target range between $102,000 and $110,000, based on the height of the wedge and broader market dynamics.

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Meanwhile, veteran analyst Peter Brandt has offered a comparable perspective on Bitcoin’s uptrend. He focused on a triangle breakout to justify a potential rise above $94,000, $160,000, and $230,000. Brandt’s analysis identifies an inverted expanding triangle on a semi-logarithmic scale, which recently flipped from a bearish to a bullish outlook. 

With Bitcoin now trading above the key resistance level of $69,985, this breakout suggests further bullish momentum. Maintaining support above the $70,000 level could provide the foundation for additional gains, positioning $94,000 as the next potential target.

Institutional Demand Outpaces Retail

Amid these speculations, institutional interest in Bitcoin continues to grow, with significant inflows observed in custodial wallets. Ki Young Ju, the CEO of CryptoQuant, recently noted that over the past year, 278,000 BTC flowed into U.S. spot ETFs, largely driven by retail demand. 

In comparison, 670,000 BTC flowed into whale wallets, characterized by holdings of over 1,000 BTC. Ju noted that institutional demand for custodial wallets is double that of retail, with whale wallets serving as a superset of custodial wallets. His analysis further suggests that most ETF custodial wallets hold less than 1,000 BTC, while non-ETF custodial wallets maintain larger balances.

This suggests that large entities might be positioning themselves for a potential long-term bullish outlook, as demand typically precedes price surges.

Analyst Projects 2,288% Cardano Surge to $6, Identifies When ADA Bull Run Could Begin

Abdulkarim Abdulwahab
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0
Analyst Projects 2,288% Cardano Surge to $6, Identifies When ADA Bull Run Could Begin

Analyst Ali Martinez forecasts a potential 22X surge in Cardano (ADA) prices starting amid recent market challenges and declining on-chain activity.

Despite Bitcoin breaking above $71K today, Cardano is trading at $0.3473, reflecting a loss of 12% from the higher value it saw a month ago. ADA has only seen a 2.2% gain today amid the renewed bullish momentum in the crypto market.

This inferior performance remains a concern for ADA holders. However, on-chain analyst Ali Martinez has recently reassured them with an optimistic outlook based on historical trends.

In an analysis shared on X today, Martinez expressed his belief that ADA is mirroring the pattern it established back in 2020. He emphasized that if history repeats, Cardano could see a price surge as early as November 18. He further noted that ADA could maintain a bullish trend and reach a market peak by September 2025.

Cardano Historical Performance

Martinez derived these dates from observing that Cardano began its previous bull run on November 16, 2020, after a consolidation period of 672 days. According to his analysis, ADA rallied by 4,095% from around $0.09 to an all-time high of $3.10 ten months later.

Notably, ADA has spent 455 days in a range pattern following that peak rally. Although a breakout occurred earlier this year when Cardano reached $0.80, it has since declined by 65%, returning to low levels prior to the Q1 rally.

Martinez believes that Cardano’s potential to recalibrate its historical pattern could see the altcoin soar by 2,288% to reach a new all-time high of around $6.50. In earlier analyses, he had suggested a potential peak of $7 to $10 for ADA this season.

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However, market participants are becoming increasingly skeptical about ADA’s prospects, given recent price actions. A comment on Martinez’s analysis noted that while new coins in the top 100 are experiencing gains of 20% during market rallies, ADA and several older coins struggle to keep up. 

“I really hope it can reach $4 or higher, but I feel like it won’t even hit $3,” the investor stated.

Cardano at Risk of Further Downside

Meanwhile, a fresh update from IntoTheBlock has raised warnings for ADA holders. IntoTheBlock revealed that Cardano’s NVT ratio has risen to its highest level since June. This metric indicates a decline in on-chain activity relative to price gains.

IntoTheBlock highlighted that this overvaluation indicator is particularly significant in light of ADA’s recent poor performance, suggesting the possibility of further declines.

The analysis also pointed out that historically, high NVT ratios often precede price pullbacks. It concluded that Cardano’s price may struggle to maintain its momentum without an increase in on-chain engagement.

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