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.
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