Due to the recent drop in the Bitcoin price, a widely followed cryptocurrency analyst has indicated that the king coin may have already reached the peak of this bull market.
Analyst Ali Martinez told his 60,000-plus followers on X (formerly Twitter) yesterday that realized gains, or profits converted into cash, have historically coincided with Bitcoin market tops.
The analyst also highlighted that as Bitcoin reached a new all-time high of over $73,000, realized gains soared to a new high, surpassing the levels seen during the bull market tops of 2018, 2021 and 2022. He described it as follows :
“Last month, when BTC reached $73,880, realized gains skyrocketed to $3.52 billion. This could signal a potential BTC market top!”
However, Martinez indicated that he still needs a clear signal to confirm his bearish stance. He continued with:
Still, I’m waiting for another confirmation before calling a #Bitcoin market top.
For instance, a sustained close below the #BTC short-term holder realized price, which currently hovers around $59,800, can confirm a potential $BTC market top. pic.twitter.com/VEerymxuVC
— Ali (@ali_charts) April 29, 2024
“Still, I’m waiting for another confirmation before I can call a Bitcoin market top.
For example, a sustained close below the short-term BTC holder’s realized price, which is currently hovering around $59,800, could confirm a potential BTC market top.”
However, the analyst indicates that if Bitcoin manages to regain a key price level, his aforementioned prediction will be invalidated. He concluded with:
“If the market top is confirmed, $BTC could fall to $51,530 or even $42,700!
However, if Bitcoin can rise above $66,250 and reclaim this area as support, the bearish outlook will be invalidated…
Rising above $66,250 will give Bitcoin the strength to head towards $69,150.
And if this resistance barrier is broken, BTC could move to a new all-time high of $92,190.”
Source: https://cryptobenelux.com/2024/05/02/analist-suggereert-dat-bitcoin-mogelijk-zijn-markttop-bereikt-heeft-tenzij-het-dit-niveau-weet-terug-te-winnen/
