A closely watched crypto analyst says an unprecedented amount of fresh capital has entered the digital asset market in the past 30 days.
In a new thread, crypto strategist Ali Martinez tells According to his 55,500 followers on social media platform X, the crypto markets have been flooded with record high capital inflows in the past month alone.
“The crypto market has witnessed the largest capital inflow ever, with a record high of $110 billion in fresh capital!”
Martinez continues Highlight there has been some whale activity over the past month, including deep-pocketed investors gobbling up huge amounts of the meme asset Dogecoin (DOGE) over a two-week period.
“Dogecoin whales have bought 1.40 billion DOGE in the last two weeks, worth about $280 million!”
Dogecoin is trading at $0.213 at the time of writing, up 6.74% over the past 24 hours.
Moving on to the leading cryptocurrency by market cap, Martinez says Bitcoin (BTC) appears to be forming a bullish technical pattern on the 30-minute chart. According to the trader, BTC could witness a breakout rally if it rises above its immediate resistance.
“Bitcoin shows [an inverse] head and shoulders formation on the 30-minute chart. Should BTC maintain its position above the 200 EMA (exponential moving average) and surpass the neckline resistance at $71,580, we could expect a potential upside of 4.44%, targeting a price of $74,760.”
Bitcoin is trading at $70,468 at the time of writing, up fractionally on the day. On January 23, the flagship digital asset was trading at $39,833.
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Generated image: Midjourney