Keep an Eye on Bitcoin and XRP: Analyst Shares New Bullish Targets

Crypto analyst Ali Martinez shared some notable technical levels following the recent strong price increases in Bitcoin ($BTC) and $XRP. According to Martinez, a break above $1.60 in $XRP could open the door to a new upward movement, while for Bitcoin, $100,000 has once again become a significant target.

$XRP gained 27.6% in value, rising from $1.25 to $1.58. Martinez noted that this move may have completed the right shoulder of a large-scale inverse head and shoulders pattern forming on the daily chart.

According to the analyst, the most critical level for $XRP right now is $1.60. This area corresponds to the neckline of the formation. Martinez stated that if $XRP makes a decisive breakout above $1.60, the formation could be confirmed, and in such a scenario, a further increase of approximately 30% could bring the $2 level into play.

In addition to the technical outlook for $XRP, the actions of large investors are also attracting attention. According to data shared by Martinez, whales have recently accumulated more than $2 billion worth of $XRP.

According to Martinez, Bitcoin is Back on the Agenda at $100,000.

Martinez also believes the bullish outlook continues for Bitcoin. Bitcoin has risen more than 50% since its low of $57,749 seen on July 1st.

According to the analyst, one noteworthy point is that despite the sharp rise in prices, large investors are remaining active in the market instead of taking profits. In just the last day, the Bitcoin network recorded over 2,722 transactions worth more than $1 million.

On the institutional side, demand for spot Bitcoin ETFs is also a key factor supporting the rise. According to data shared by Martinez, US-based spot Bitcoin ETFs have accumulated over $1.60 billion worth of $BTC in the last 72 hours.

One of the key support areas for Bitcoin is at $84,569. This area, where approximately 600,000 $BTC have previously changed hands, is noted as a strong demand zone, while the second important support level is indicated at approximately $77,000.

In upward movements, on-chain cost breakdown data indicates a significant resistance level around $104,765. It’s noted that approximately 283,000 $BTC have already changed hands at this level.

MVRV price bands present a similar picture. According to Martinez, the average MVRV band, around $100,670, is one of the next major resistances for Bitcoin. On the downside, the MVRV band around $74,361 stands out as a strong support zone.

*This is not investment advice.