An influential crypto analyst is suggesting that the memecoin Brett (BRETT), built on the Ethereum scaling solution Base, could see significant gains, potentially reaching a new all-time high of $0.130 per coin. The analyst, Ali Martinez, indicated that the current price levels for BRETT present a favorable risk-to-reward ratio, with potential gains of up to 80%. Martinez also outlined stop-loss levels to manage potential losses from this investment.

According to the analysis presented by Martinez, the memecoin BRETT is showing signs of bouncing off the lower trendline of a bullish ascending channel. As of the latest data, BRETT is trading at $0.0760, marking an impressive 7,678% increase from its opening price in late February.

Martinez is closely monitoring Bitcoin's price action, specifically focusing on whether Bitcoin can maintain its position above the 200-day exponential moving average (EMA) on the four-hour chart. For Bitcoin, the 200-day EMA has proven to be a crucial support level, preventing further downside moves since early February. A breach of this level could signal more losses for BTC in the short term.

In addition, Martinez highlighted a significant increase in accumulation of Bitcoin by various addresses, suggesting a bullish sentiment in the market. Approximately 21,400 BTC, equivalent to $1.40 billion, was observed to have been transferred to accumulation addresses recently.

As of the latest update, Bitcoin is valued at $67,784, registering a 3% increase in the past 24 hours. Martinez's insights into memecoin BRETT and Bitcoin suggest potential opportunities and risks that traders and investors should consider in the current market conditions.