Over the previous week, the Bitcoin worth put in considered one of its best performances because the begin of 2024, breaking above $50,000 for the primary time since 2021. While the premier cryptocurrency has been transferring largely sideways previously few days, it continues to carry its personal above the $51,000 mark.
However, a preferred crypto analyst on the X platform has put ahead an attention-grabbing prognosis for the Bitcoin worth, stating that the coin may expertise some bearish strain within the close to future.
Is BTC Headed To $46,000?
On Thursday, February 15, outstanding crypto analyst Ali Martinez sounded the promote alarm – based mostly on the Tom Demark Sequential indicator – for Bitcoin. According to the analyst, traders ought to anticipate a one-to-four candlesticks correction on BTC’s each day chart within the coming days.
Ali Martinez took to the X platform on Saturday, February 17, to share an in-depth evaluation of an impending correction for the Bitcoin worth. This analysis is predicated on the distribution of holders’ price foundation throughout the assorted BTC worth zones close to the present worth of the cryptocurrency.
With this on-chain indicator, the power of any resistance or help stage is dependent upon the variety of cash acquired by traders inside the worth vary. And this power is portrayed by how massive or small the circles (representing the worth ranges) are.
Over 1 million addresses purchased 544,870 BTC inside the $48,000 and $46,500 vary | Source: Ali_charts/X
As proven within the chart above, the worth of Bitcoin appears to be dealing with important resistance between $51,099 and $52,582. Recognizing this sample, Martinez mentioned in his put up that if the flagship cryptocurrency fails to reclaim the $52,000 stage, then it’s susceptible to an 8% worth correction.
An 8% decline from the present level would see the Bitcoin worth drop to between the $48,000 and $46,500 zone. According to the on-chain resistance information, greater than 1 million addresses purchased 544,870 BTC inside this vary, making it a big help stage.
Bitcoin Price Overview
As of this writing, the Bitcoin worth stands at round $51,650, reflecting an virtually 0.9% dip previously 24 hours. Despite the current bearish strain slowing down its momentum, the market chief has maintained most of its revenue from the previous week.
According to information from CoinGecko, Bitcoin’s worth has jumped by greater than 8% within the final seven days. Meanwhile, the cryptocurrency has registered over 20% progress to this point within the month of February.
Thanks to the current worth rise, BTC surpassed the $1 trillion mark by way of market capitalization, solidifying its place as the biggest asset within the cryptocurrency sector.
Bitcoin at $51,564 on the each day timeframe | Source: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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