Ali Martinez, a cryptocurrency analyst and trader, is bullish about Cardano in light of a recent market surge.
Martinez told his 76.100 social media followers that Cardano was “following a pattern similar to 2020”, where the price went up approximately 4.095% within 343 days.
If history repeats itself, the market could peak around September 2025. This would be two weeks following the US election.
Cardano currently trades at $0.355 as of the time this article was written.
Bitcoin (BTC) is next. Martinez claims that, based on Market Value to Actual Value (MVRV), Bitcoin’s value could increase by 16% in the near future. MVRV ratio is used to decide if Bitcoin is currently undervalued, or is overvalued.
Standard deviations are used to indicate the overvaluation and undervaluation of Bitcoin in MVRV’s pricing bands. Standard deviations are measured in units of one standard deviation. A standard deviation below one indicates an undervalued market. According to Martinez’s graph based on data from Glassnode the Bitcoin MVRV price band earlier in the week was around 0.5 standard deviation.
Bitcoin currently trades at $72,345 as of the time this article was written.
According to the analyst, Bitcoin may also have a bullish period in the coming month. Martinez’s graph illustrating Bitcoin monthly returns for the last 11 years shows that the crypto-king closed higher in November than it had opened 63% of times since 2013.
“Moonvember” is right around the corner!
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Images Can Be Found on Pixabay Creative Commons & Midjourney
This article Trader Says Cardano is Mirroring the Price Action of 2020, Suggestions ADA Is on the Cusp Of ‘Pump” – His Outlook first appeared on The COINPAPER.COM.
This site is for entertainment only. Click here to read more
