Over the previous week, the Bitcoin price put in one of its finest performances for the reason that begin of 2024, breaking above $50,000 for the primary time since 2021. While the premier cryptocurrency has been transferring principally sideways up to now 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, distinguished crypto analyst Ali Martinez sounded the sell alarm – primarily based on the Tom Demark Sequential indicator – for Bitcoin. According to the analyst, buyers ought to anticipate a one-to-four candlesticks correction on BTC’s every 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 varied BTC worth zones close to the present worth of the cryptocurrency.
With this on-chain indicator, the power of any resistance or assist stage will depend on the variety of cash acquired by buyers throughout 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 throughout the $48,000 and $46,500 vary | Source: Ali_charts/XAs proven within the chart above, the worth of Bitcoin appears to be going through important resistance between $51,099 and $52,582. Recognizing this sample, Martinez mentioned in his post that if the flagship cryptocurrency fails to reclaim the $52,000 stage, then it’s prone 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 knowledge, greater than 1 million addresses purchased 544,870 BTC inside this vary, making it a big assist stage.
Bitcoin Price Overview
As of this writing, the Bitcoin worth stands at round $51,650, reflecting an nearly 0.9% dip up to now 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 knowledge from CoinGecko, Bitcoin’s worth has jumped by greater than 8% within the final seven days. Meanwhile, the cryptocurrency has registered over 20% progress up to now within the month of February.
Thanks to the recent price rise, BTC surpassed the $1 trillion mark when it comes to market capitalization, solidifying its place as the biggest asset within the cryptocurrency sector.
Bitcoin at $51,564 on the every day timeframe | Source: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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