The cryptocurrency market, with its rapidly changing dynamics, constantly directs investors to seek new opportunities. During this period, one of the names that discovered a prominent potential among the top 10 altcoins by market value is Ali Martinez. The analyst claims that the popular altcoin Binance Coin (BNB) may trend upward.
Popular altcoin BNB is in a downward trend, unlike the overall cryptocurrency market. Although many altcoins have made significant gains in 2023, BNB has entered a downward trend. It experienced a sharp decline, especially after the lawsuit filed against Binance, the world’s largest crypto exchange, in June. The ensuing legal processes similarly dragged BNB down even further.
Considering the volatility in the cryptocurrency world, the potential rise of BNB becomes an important topic for investors. to Martinez according to, BNB forming a reversal head and shoulders formation is typically considered a bullish signal. However, for this to happen, Binance Coin needs to make a sustained close above $261.
According to Martinez’s analysis, if BNB can successfully surpass this critical level, the fourth-largest crypto asset by market cap could experience a value increase of approximately 20% and rise towards $310. This presents an attractive potential return for investors.
In addition, Martinez states that the recent decline in the price of Bitcoin (BTC) creates an opportunity for whales to accumulate. Martinez states that the value of the flagship crypto asset has recently fallen to approximately $40,300, which presents an advantageous buying opportunity for large investors.
Martinez’s analysis is based on data from blockchain analysis firm Glassnode. According to the data, there is a significant increase in the number of investors holding 1,000 or more Bitcoins following the decline in BTC price. This shows the interest of large-scale investors to accumulate Bitcoin at low price levels.
Additionally, Martinez focuses on Ethereum (ETH), noting that 5.58 million addresses purchased a total of 39.87 million Ethereum at prices ranging from $1,934 to $2,160. This shows that Ethereum has a solid support level:
“From an on-chain perspective, this is ETH’s most critical support level. “For investors, this could be an ideal reload point to target new highs.”
You can follow the current price movement here.