Crypto analyst and trader Ali Martinez have taken to Twitter to share an optimistic outlook on Bitcoin, highlighting another bullish confirmation signal. He observes a positive trend for Bitcoin (BTC) through the realized price metric, indicating potential market growth.
According to Martinez, this particular bullish signal has proven its potency over the past three years, consistently driving Bitcoin to achieve remarkable new price highs.
The realized price represents the average price of all circulating Bitcoins, calculated by their last movement, while the long-term holder realized price focuses on the average acquisition price of Bitcoins untouched for at least five months.
Meanwhile, Martinez interprets this development as a bullish sign, suggesting a growing influx of new investors willing to buy at higher prices. He states, “The crypto market is gaining momentum, with newer investors willing to buy at higher prices.
This can be seen as a bullish sign, showing confidence in BTC’s future performance. The last three times this happened, BTC skyrocketed 12,736%, 4,474%, and 819%, respectively.” Bitcoin is currently priced at $43,697, as per coinpedia news.
Martinez shifts attention to Cardano (ADA), identifying parallels in its current trajectory with the period from 2018 to 2020, excluding the impact of the COVID-19 downturn.
ADA, currently the ninth-largest crypto asset, could potentially rally by approximately 72% if it maintains its existing pattern. Martinez suggests that if ADA adheres to the observed pattern, there’s a likelihood of breaking through the $0.45 resistance level.
Meanwhile, Cardano is trading at $0.5186 with a market capitalization of $18 Billion.
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