Crypto analyst and trader Ali Martinez is leaning bearish on one large-cap altcoin as he offers his outlook for Bitcoin (BTC) and the native token of the blockchain oracle Chainlink (LINK).
Martinez tells his 134,800 followers on the social media platform X that payments altcoin XRP (XRP) could plummet by around 37% from the current level after forming a head-and-shoulders pattern on the daily time frame.
A head-and-shoulders is a bearish pattern suggesting that an asset is losing bullish momentum after failing to print new highs with its right shoulder.
XRP, the fourth-largest crypto asset by market cap, is trading at $2.05 at time of writing.
Next up is Bitcoin. The analyst and trader says Bitcoin could flip bullish if the crypto king manages to retest a key price level as support. Specifically, Martinez says he’s keeping a close watch on BTC’s short-term holder (STH) realized price, a metric that tracks the average price at which all STHs acquired their coins.
STHs are defined as wallets that have held their coins for 155 days or less.
“The first signal that Bitcoin is ready to resume its bull run is reclaiming the short-term holder realized price at $90,570!”
Bitcoin is trading at $83,300 at time of writing.
The crypto analyst and trader also says that there are “signs of profit-taking” in the Bitcoin market as older coins return to crypto exchanges. Citing data from the blockchain analytics platform CryptoQuant, Martinez says that more than 1,058 BTC, worth slightly over $88 million at the current price, were moved by long-term holders in just one day.
Long-term holders are entities that have kept their coins inactive for more than 155 days.
Looking at Chailink, Martinez warns that LINK could turn bearish as it tests an ascending trendline on the weekly chart that has kept the altcoin bullish since July 2023.
Chainlink is trading at $12.63 at time of writing.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
