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While fluctuating price movements continue to be seen in Bitcoin and altcoins, investors are wondering how the prices will start 2024 as we reach the end of 2023.
At this point, popular cryptocurrency analyst Ali Martinez shared the price analysis of Bitcoin and Fantom.
“Phantom Signals Ascension!”
Martinez, who first examined Fantom, pointed out that Fantom created a “W” formation on its weekly chart. This pattern is widely considered a bullish indicator.
At this point, the analyst argued that if FTM makes a weekly close above $0.57, FTM will confirm this bullish formation and move towards $1.60.
“Phantom appears to be forming a “W” formation on its weekly chart.
If FTM sustains a weekly close above $0.57, this will confirm the bullish formation and the price will move towards $1.60!”
This estimate of the analyst means that there may be an increase of almost 200% for FTM.
#Fantom appears to form a "W" pattern on its weekly chart. If $FTM sustains a weekly close above $0.57, it will confirm this bullish formation and march toward $1.60! pic.twitter.com/Fy1hmeCVXH
— Ali (@ali_charts) December 26, 2023
“Bitcoin is at a turning point!”
Stating that Bitcoin is consolidating in a channel, Ali Martinez said that the current focus support level for BTC is $ 42,400.
Saying that this support level is a distinction for BTC at this point, the analyst claimed that BTC will either go to $ 40,700 or $ 44,400.
Accordingly, if BTC cannot recover from its current level and continues its downward trend, it may fall to $ 40,700, and if it recovers, it may rise to $ 44,400.
“On the 4-hour chart, Bitcoin is consolidating in a parallel channel, which puts all the attention on the $42,400 support.
A sustained decline below could see BTC continue towards $40,700. “On the other hand, a recovery from here could pave the way for a rise to $44,400.”
Bitcoin continues to trade at $42,670 at the time of writing.
In the 4-hour chart, #Bitcoin is consolidating within a parallel channel, which puts all the focus on the $42,400 support.
A sustained drop below could see $BTC head to $40,700. On the flip side, a rebound from here might set the stage for an upswing toward $44,400. pic.twitter.com/P4f6C97cvL
— Ali (@ali_charts) December 26, 2023
*This is not investment advice.