After the sharp decline, the cryptocurrency market managed to compensate for some of its losses towards the end of the week. All eyes are now on the SEC’s spot Bitcoin ETF decision. There are different opinions on how this development will affect Bitcoin and altcoin prices. Popular crypto analyst Ali Martinez is expecting a very strong move from LDO. On the other hand, the analyst predicts that LTC will see a sharp correction.
Analyst: LDO has strong upside potential!
cryptokoin.comAs you follow from , the market is eagerly awaiting the SEC’s decision. Experts state that this decision will affect the course of the market. Amid these developments, popular crypto analyst Ali Martinez shared his latest predictions. The analyst says LidoDAO (LDO) has formed an ascending triangle on the weekly chart, which is typically considered bullish. According to the analyst, it is possible for the altcoin price to rise by approximately 83% from its current level. Martinez explains his predictions on this subject as follows:
Watch the $3.30 level closely! A sustained weekly close above this level could trigger a rally that could potentially push LDO towards its all-time high of $6.
Meanwhile, LDO was trading at $3.05 at the time of writing, down 1% on a daily basis. However, the altcoin increased by approximately 13% on its weekly chart. On its monthly chart, LDO saw an increase of over 31%. Currently, LDO remains below $3.30. However, Martinez says it needs a weekly close above this level for the rise to occur.
Things are tough for this altcoin: a 42% drop is on the cards!
The analyst next looks at Litecoin (LTC). Martinez says the outlook for the 22nd largest crypto asset by market cap “remains challenging.” According to the crypto analyst, the altcoin price is likely to fall by around 42% from its current level. Martinez shares the following comment for this prediction:
If the selling pressure continues, LTC may drop to $38. This could potentially confirm the formation of a bear flag.
Litecoin is trading at $65.19, down 43% from its 2023 high of $115, reached about a month before the crypto asset halved in August. In addition, the altcoin lost value by 14% weekly and 9% monthly. Therefore, it remains in the red zone in both time frames.
There is intense whale activity around Bitcoin
Finally, the analyst discusses the leading cryptocurrency Bitcoin (BTC). Citing data from analytics platform Santiment, the analyst says that Bitcoin’s recent rise to an eight-month high coincides with the intense accumulation of whales. He makes the following assessment on this issue.
Bitcoin’s recent rally above $45,000 appears to be supported by significant whale activity! Last week, BTC whales accumulated more than 30,000 BTC. This coincided with an increase in the number of transactions. This accumulation may be an important factor triggering the current rise!
Meanwhile, Bitcoin was trading at $43,918 at the time of writing, up 1.5% on a daily basis. After the sharp decline, BTC managed to regain its losses significantly. Now he is waiting for the decision from the SEC.
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For the rest of the article, Experienced Analyst Named 2 Altcoins: One Will Fly and One Will Crash!