Popular crypto analysts such as Altcoin Sherpa and Ali Martinez evaluated the current state of the cryptocurrency market, which lost momentum in February. DOGE, BTC and LINK can move up again with these developments.
Ali Martinez says Dogecoin (DOGE) is hovering right in the middle of key support and resistance
In his current analysis, the popular on-chain analyst shared that Dogecoin’s critical support level is at $0.075, where approximately 44,000 addresses have bought 34.4 billion DOGE. Martinez then notes that a key DOGE resistance level is at $0.086, where 92,000 addresses bought 13 billion DOGE.
Dogecoin is currently trading down at $0.07578 on daily and weekly scales. On-chain analyst Ali Martinez highlights that Dogecoin has been stuck between the $0.075 support and the $0.086 resistance level for a long time.
Mark Yusko says Bitcoin bull season is ‘close’
Morgan Creek Capital CIO Mark Yusko says Bitcoin may be on the verge of entering a new bull market. The veteran said in a new interview that he believes the path to Bitcoin’s halving event will likely ignite bullish price action.
According to the Morgan Creek Capital executive, the crypto spring is mostly range-bound price action and represents the summer bullish period. Yusko also thinks that the Bitcoin price will likely rally with the halving, as it has done in the past to send its value higher. The halving, scheduled for April 2024, halves the rewards of BTC miners every four years.
Yusko later also says that Bitcoin’s fair market value is not due to the same factors that price traditional markets. He says traditional markets have a much stronger correlation with GDP growth, interest rates and the economy than Bitcoin.
DOGE is not a real crypto, according to Morgan Creek Capital CIO
Finally, Yusko continued with Dogecoin (DOGE), claiming that it has no real use case and therefore should have no value:
Speculative bullshit like Dogecoin, why exist? I mean my heart hurts. I said the bear market will end when DOGE is zero and I want to stand behind it but I can’t because stupid people will be stupid. I’m getting into an argument with these guys.
DonAlt shared his predictions for the next rally date
Another popular crypto analyst, DonAlt, said that legacy asset markets are having a bearish effect on Bitcoin. According to DonAlt, Bitcoin could rise when traditional markets are bullish.
DonAlt also updated his outlook and said that although Bitcoin was mostly flat yesterday as the stock market rallied, his view still stands. However, he notes that the less-than-stellar response by BTC to the stock market bounce is not “optimal.”
Meanwhile, the crypto analyst nicknamed Altcoin Sherpa thinks Bitcoin will see more downward price action. According to the analyst, Bitcoin may witness another selling event before sparking a recovery:
We may be seeing a higher bottom formation right now, but I don’t think so. I think we’ll see one more jump below. I still think we’re going to hit $30,000 in the medium term.
Altcoin Sherpa also adds that Bitcoin is likely to go through a long bear winter:
Some mark the peak as May 2021. Others mark it as November 2021. Either way, it’s been a long time during this Bitcoin bear market. It’s probably much longer before the BTC price really ‘bottoms out’.
Michaël van de Poppe says now DOGE and Bitcoin can explode.
The popular technical analyst mentioned in his latest Youtube post that it may be time to buy. Commenting on the bankruptcy volatility in the crypto market, the analyst thinks it is definitely an opportunity alarm:
Mt. Gox, Ethereum Shanghai unlocking, and even though you’ve seen all the negatives with Silvergate, it’s time to start buying.
The analyst later stated that the level he would buy again was $22,440. Sharing the technical chart below, Poppe says:
That’s why I was waiting for long-term purchases with Bitcoin. We wanted to see a clear break of $23,800 that we weren’t able to get. Then, I wait for the $22,300 field that is currently hit and filled.
Van de Poppe expects these levels in LINK price
The analyst also suggests that he expects to see higher lows before craving LINK. In an environment he describes briefly, he says the ideal entry level would be $8:
I’d like to see some more sideways movement here before I go long (a higher bottom is preferred). If that’s the case, we’re aiming for $8 again.
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