Bitcoin Bearish Signal: Analyst Warns Of Potential Drop To $59,000
April 26 2024 - 12:00PM
NEWSBTC
Amidst the anticipated positive effect of the recently concluded
Bitcoin Halving event, Ali Martinez, a well-known cryptocurrency
analyst and trader has issued a noteworthy warning about BTC’s
trajectory, predicting that the price of the crypto asset could
undergo a correction to the $59,000 mark. Potential Declines For
Bitcoin Martinez’s analysis delves into the potential for Bitcoin
to experience possible dives on the downside in the short term.
Considering the BTC’s chart in the 12-hour timeframe, the analyst
noted that two signals have manifested signaling potential price
declines. Related Reading: Analyst Points To Possible 30% Bitcoin
Correction, Calls For Caution These include a red candlestick from
the TD (Tom Demark) Sequential and a death cross between the 50 and
100 Simple Moving Average (SMA). As a result, Martinez believes
that the development could trigger a price drop to $63,300.
Additionally, he urged the community to be ready for further dips
to around $61,000 and $59,000. Martinez previously highlighted that
the TD Sequential indicator on the 12-hour chart has flashed a sell
signal. This signal came in light of Bitcoin experiencing a
mid-level resistance of a parallel channel. Given this, he
underscores a cautious approach amidst times like this, given the
history of this indication, especially in the event that the
digital asset falls below the $65,500 support level. According to
the expert, the trend score for the coin’s accumulation has fallen
to zero. Specifically, this suggests that whales are either
distributing or not hoarding BTC at the moment. It seems Martinez’s
forecast has taken place as BTC is already trading below the
aforementioned support level. Following the price decline, Bitcoin
has also seen a notable drop in accumulation. Over the past few
weeks, there has been consolidation in Bitcoin’s price as it has
been unable to sustain its surge over its all-time high of $73,000
achieved in March. On Thursday, BTC witnessed a notable drop to
around $63,000, which higher inflation and slower growth in the
United States were considered to be a catalyst for the drop. BTC’s
Path To $1 Million Even though there have been some short-term
swings with Bitcoin, its long-term trend is still positive. Jack
Mallers, the Chief Executive Officer (CEO) of Strike has predicted
a long-term growth for BTC to a whopping $1 million. Related
Reading: Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1
Million This Year Mallers shared his perspective on the digital
asset’s future trajectory during an interview with David Lin. The
financial instability in the bond markets, which significantly
involves banks, is the foundation upon which Maller draws his
projection. He asserts that significant liquidity infusions could
result from the possible rescue needed to stabilize these markets,
driving up the price of assets like Bitcoin. Mallers believes BTC’s
value will rise, underlining the limited availability of BTC when
paired with rising demand. At the time of writing, BTC was trading
at $64,207, indicating a 0.72% increase in the last 24 hours.
Despite the crypto asset showing positive signs, its trading volume
is down by over 8% in the past day. Featured image from iStock,
chart from Tradingview.com
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