Over the previous week, the Bitcoin worth put in one among its most interesting performances because the begin of 2024, breaking above $50,000 for the primary time since 2021. Whereas the premier cryptocurrency has been shifting principally sideways previously few days, it continues to carry its personal above the $51,000 mark.
Nevertheless, a well-liked 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 stress within the close to future.
Is BTC Headed To $46,000?
On Thursday, February 15, outstanding crypto analyst Ali Martinez sounded the promote alarm – primarily based on the Tom Demark Sequential indicator – for Bitcoin. Based on 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 relies 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 help stage will depend on the variety of cash acquired by buyers 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 | Supply: Ali_charts/X
As proven within the chart above, the worth of Bitcoin appears to be going through vital resistance between $51,099 and $52,582. Recognizing this sample, Martinez stated in his publish 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. Based on the on-chain resistance information, greater than 1 million addresses purchased 544,870 BTC inside this vary, making it a major help stage.
Bitcoin Worth Overview
As of this writing, the Bitcoin worth stands at round $51,650, reflecting an virtually 0.9% dip previously 24 hours. Regardless of the current bearish stress slowing down its momentum, the market chief has maintained most of its revenue from the previous week.
Based on information from CoinGecko, Bitcoin’s worth has jumped by greater than 8% within the final seven days. In the meantime, the cryptocurrency has registered over 20% development to date within the month of February.
Because of the current worth 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 | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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