Cryptocurrency analyst and trader Ali Martinez is bullish on Cardano (ADA) amid a market rebound.
Martinez tells his 76,100 followers on social media platform
“If history repeats itself, we could see a rally around November 18 – about two weeks after the US election – and a potential market peak by September 2025.”
Cardano is trading at $0.355 at the time of writing.
Next up is Bitcoin (BTC). Martinez says that based on market value to realized value (MVRV) price ranges, Bitcoin could appreciate about 16% from the current level in the near term. MVRV is a ratio used to determine whether Bitcoin is undervalued or overvalued at any given time.
MVRV price ranges use standard deviations to signal the undervaluation or overvaluation of Bitcoin. A value of 1 standard deviation indicates a neutral market, a value of standard deviation less than 1 indicates undervaluation while a level greater than 1 standard deviation suggests overvaluation. Based on Martinez’s chart citing Glassnode data, the Bitcoin MVRV price range was around the 0.5 standard deviation earlier this week.
“With Bitcoin surging above $70,500, the next local high could be around $84,200, according to MVRV pricing bands!”
Bitcoin is trading at $72,345 at the time of writing.
The analyst also claims that Bitcoin could see a bullish phase over the next month, based on history. According to Martinez’s chart depicting Bitcoin’s monthly returns over the past 11 years, the crypto king has closed higher than it opened in November 63% of the time since 2013.
“The moon-vember is fast approaching! »
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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