The cryptocurrency market remains indecisive around spot Bitcoin ETF news. After the sharp declines we saw yesterday, Bitcoin and altcoins partially compensated for their losses. However, the smoke screen in front of the market has not yet completely lifted. Despite this, analysts maintain bullish views for some tokens. Popular crypto analyst Ali Martinez is bullish for 2 altcoins. Moreover, he predicts that one of them will experience an explosion.
Analyst altcoin price targets: $1.25 and $1.82!
cryptokoin.comAs you follow from , Bitcoin fell below 42 thousand dollars after Matrixport’s report. However, when this report turned out to be questionable, it managed to rise above $43 thousand. During this period, most altcoins also witnessed sharp sales. However, they quickly recovered as such situations are almost a routine of the crypto market.
Popular analyst Ali Martinez expects strong moves from Ethereum layer-2 network Polygon (MATIC). The analyst predicts that the altcoin price will rise up to 115% from the current level. According to Martinez, Polygon forms a symmetrical triangle formation on the three-day chart. Moreover, the formation is on the verge of breaking out of the upper trend line. Meanwhile, the symmetrical triangle formation can be bullish or bearish. If the price rises above the upper trend line, it becomes bullish, and if it falls below the lower trend line, it becomes bearish. The analyst says the following about MATIC:
Be patient! The initial target for MATIC was set at $1.25. Moreover, this will be followed by a potential move towards $1.82. So let the formation develop fully!
Meanwhile, MATIC was trading at $0.8656 at the time of writing, up 1.5% on a daily basis. However, the altcoin lost 14.8% on its weekly chart.
LINK has potential up to $34, but…
The analyst then looks at the oracle blockchain Chainlink (LINK). Martinez predicts that the altcoin price will potentially rise in value to $34. However, he states that a fall below its $14.20 price will invalidate the bullish view on the four-hour chart.
Meanwhile, LINK was trading at $14.30 at the time of writing, up 4.38% on a daily basis.
Targets for Bitcoin: $52,680 and $70,250
Finally, the analyst covers Bitcoin (BTC). Citing data from analysis platform Glassnode, Martinez says the market capitalization to realized value (MVRV) metric shows that “the next major price targets for BTC are $52,680 and $70,250!”
MVRV is the ratio of Bitcoin’s current market value to the realized capitalization of the crypto asset. Meanwhile, Bitcoin was changing hands at $43,435, up 2.55% on a daily basis at the time of writing. Additionally, the leading cryptocurrency has entered the green zone by around 2% on its weekly chart.
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