Ali Martinez, an analyst and trader, is bearish about Bitcoin (BTC), as it sits at around 20% of its all-time peak.
Martinez informs his 71,000 social media followers that Bitcoin is below a moving average. This could cause the biggest crypto asset in terms of market capital to fall by 47%, from its current level to levels seen last October 2023.
BTC is now below this important level at $64,000 for more than a month. This suggests a possible drop to its Realized price of $31,500.”
Martinez says the Bitcoin exchange volume momentum indicator is also sending a bearish message. Exchange volume momentum compares BTC exchange flows to their yearly average. A decrease in the exchange flow metric signals a lower level of investor interest, while an increase indicates a rising interest.
Says Martinez,
The Bitcoin Exchange Volume Momentum indicates a decrease in activity on the chain tied to exchanges. This signals a lower interest by investors in BTC.
In technical analysis, the TD Sequential is used to identify potential bullish and bearish reversal levels.
Bitcoin has risen to $60,442 as of the time this article was written, an increase of over 4% for the day.
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The post Crypto Trader Alerts on Bitcoin, BTC Crashing by 47% from Current Level – Here’s Why could be updated as new information becomes available.
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