A closely followed crypto analyst is predicting a red-hot altcoin built on the Ethereum (ETH) scaling solution Base will head to new all-time highs (ATHs).
Crypto strategist Ali Martinez tells his 56,700 followers on the social media platform X that memecoin Brett (BRETT) could appreciate about 71% from its current value.
“BRETT on Base presents a very good risk-to-reward ratio at the current levels because if BRETT rebounds, this memecoin could rise by 80% toward a new all-time high of $0.130! Meanwhile, the stop loss can be placed anywhere between $0.070 and $0.066, representing a 7% to 10% loss.”
Based on the analyst’s chart, it appears that the memecoin is bouncing off the lower trendline of a bullish ascending channel.
BRETT is trading at $0.0760 at time of writing, up 7,678% from the February 29th opening price of $0.000977.
Next up, the analyst says he is closely watching whether Bitcoin (BTC) will stay above the 200-day exponential moving average (EMA) on the four-hour chart to confirm the continuation of its uptrend.
“The 200-day EMA on the Bitcoin four-hour chart has been formidable support. Since early February, it has prevented BTC from dropping further. For this reason, I’m paying close attention to this level because if it holds, it guarantees a rebound, but if it breaks as it did in mid-January, it could lead to more losses for BTC.”
The analyst also noticed that accumulation addresses added massive amounts of Bitcoin to their wallets, indicating bullish market sentiment.
“21,400 BTC, worth around $1.40 billion, were moved to accumulation addresses!”
Bitcoin is trading for $67,784 at time of writing, up nearly 3% in the last 24 hours.
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Generated Image: Midjourney