Cryptocurrency analyst and trader Ali Martinez is expressing a bullish outlook on Cardano (ADA) as the market experiences a rebound. He recently shared that Cardano is mirroring a pattern from 2020, during which it surged approximately 4,095% over 343 days. Martinez anticipates a potential price increase around November 18, roughly two weeks after the U.S. elections, and predicts a market peak by September 2025. At present, Cardano is trading at $0.355.
I believe #Cardano $ADA is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025.
pic.twitter.com/GgKWBqzYXU
— Ali (@ali_charts) October 29, 2024
Turning to Bitcoin (BTC), Martinez notes that the Market Value to Realized Value (MVRV) pricing bands suggest Bitcoin could appreciate by about 16% in the short term.
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The MVRV ratio is instrumental in assessing whether Bitcoin is undervalued or overvalued, with values below one indicating undervaluation and those above one suggesting overvaluation.
As per Martinez’s data from Glassnode, the Bitcoin MVRV pricing band was approximately at the 0.5 standard deviation earlier this week. With Bitcoin currently trading at $72,345, Martinez indicates that if it surpasses $70,500, the next local top could be around $84,200, based on the MVRV Pricing Bands. He also mentions that historical data suggests Bitcoin has had a bullish trend in November, closing higher than it opened 63% of the time since 2013. “Moon-vember is just around the corner!” he concludes.
