Ali Martinez Predicts Bitcoin Correction
-
Altcoin News
Bitcoin news
Blockchain News
blog
DeFi News
Exchange News
General
Market News
Prediction
Без рубрики
Johny Smith
2024/09/24
3 mins read
Over the past 7 days, the crypto market flagship has gained almost 10%. A confident upward trend formed immediately after the Fed announced a reduction in the key refinancing rate by 50 basis points. The digital currency market responded positively to this event. However, more and more experts say that a global correction may start soon. In particular, popular analyst Ali Martinez came to this conclusion.
According to him, more and more technical metrics are emerging that indicate a systematic accumulation of buyer weakness. The specialist also did not rule out that the drawdown itself could potentially become protracted. Currently, on a weekly interval, Bitcoin prices are located near SMA 200. This moving average often plays the role of a dynamic level of support or resistance. In the current reality, it is extremely important for quotes to consolidate above SMA 200.
The specialist also noted that in 2019 and 2020 bitcoin actively lost positions if it consolidated below this moving average. If something similar happens this time, a correction of up to 50% is not excluded.
On the other hand, October, which is often called Uptober in the cryptocurrency community, will soon begin. The fact is that this month the digital asset market traditionally demonstrates confident growth dynamics.
Another popular analyst PlanB spoke about the current situation. He believes that Bitcoin is currently in a pronounced accumulation phase. According to the specialist, given the positive market sentiment and the reduction in the key refinancing rate, the flagship crypto asset has every chance of testing the $70,000 area in the near future. Bitcoin is currently trading near $63,500.
Error in the text? Select it with your mouse and click Ctrl + Enter
32