Popular analyst Ali Martinez predicts that Bitcoin’s daily chart shows the possibility of Bitcoin falling again. In this post about Pooyan Music, we read more about it.
Ali Martinez, a popular cryptocurrency analyst, has painted a negative picture of the possible path of the Bitcoin price in the next 24 hours. Over the past day, the top cryptocurrency rose 0.7%. With this growth, it traded above $30,000 for a short time. However, Martinez believes that the crypto market leader will soon lose all these gains. And then it will experience a drop in price. Unless certain conditions are met.
On Sunday, Ali Martinez published a post on X in an attempt to assess the formation of a potential head and shoulders pattern on the daily chart of Bitcoin. Generally, such patterns indicate that market bulls are trying to push the asset price higher.
Martinez states that indicators on the daily Bitcoin chart point to a lower entry price the next day. For example, he noted that the TD ordinal indicator, designed to identify possible trend reversal points, displays a green candle that can be interpreted as a potential sell signal.
This seasoned cryptocurrency analyst also points to the RSI Relative Strength Index; Another indicator whose purpose is to identify changing trends. Martinez stated that the RSI has crossed 74.21 on Bitcoin’s daily chart. A level that has caused sharp corrections since March.
However, Ali Martinez has provided a clause for his latest price prediction. The analyst stated that Bitcoin could prevent this inbound selling. But only if this token closes its current daily candle above the $31,560 price mark.
At the time of writing, Bitcoin is trading at $2,9960, up 11.6% over the past week. Meanwhile, the daily trading volume of this token has increased by 18.25%. With a market cap of $584.38 billion, Bitcoin remains the world’s most valuable crypto asset.
In other news, there seems to be a high level of confidence in Bitcoin right now. Recent data from Into the Block shows a significant increase in long-term Bitcoin holdings. Because 80% of Bitcoins in circulation in the last six months have not been transferred from investors’ wallets.
Additionally, a crypto analyst with the username X Slim Daddy also says that the total Bitcoin holdings of holders, i.e. investors who have held Bitcoin for more than a year, recently hit a new high of 13.45 million Bitcoins.
The analyst believes that Bitcoin’s continued accumulation has been the driving force behind the token’s strong price performance despite a series of turbulent market events. The first digital currency in 2023 has remained in the headlines with a staggering 70% growth since the beginning of the year.