Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin
April 30 2024 - 1:00PM
NEWSBTC
Crypto analyst Ali Martinez has provided insights into why $59,800
is a crucial price level for the Bitcoin future trajectory. The
analyst revealed two things that could happen if the flagship
crypto drops that low. Why $59,800 Is An Important Level For
Bitcoin Martinez mentioned in an X (formerly Twitter) post that the
Bitcoin short-term holder’s (STH) realized price is at $59,800. He
added that BTC historically often bounces off this level during an
uptrend, which would mean that the flagship crypto could experience
a massive pump if it were to drop to that price level. Source:
Glassnode However, Martinez also warned of what could happen if
Bitcoin fails to experience this bounce, noting that a fall below
this level could “trigger notable Bitcoin price corrections.”
Although the crypto analyst didn’t mention how low Bitcoin could
drop, his choice of words suggests that a price breakdown for the
crypto token could be severe. STH is an important metric that
measures the average price at which Bitcoin short-term investors
bought the crypto token. A drop to that level suggests that these
short-term investors have realized their profits, which leaves room
for Bitcoin to make another run following this wave of
sell-offs. On the other hand, as Martinez warned, Bitcoin
could drop further if it fails to establish support at that level.
This brings crypto analyst DonAlt’s recent prediction into context.
He hinted that BTC could fall between $52,000 and $47,000 if it
eventually breaks the $60,000 support level. Meanwhile,
Martinez also drew the crypto community’s attention to the $61,900
mark, which he remarked has “consistently been a crucial support
level for Bitcoin.” He further claimed that BTC could rise to as
high as $71,000 if it continues to hold above that level. Is
The BTC Top In? In a more recent X post, Martinez gave his opinion
on whether or not Bitcoin has reached its market top. He tried to
analyze it from both sides of the divide. First, he noted that a
spike in BTC’s realized profits has “historically coincided with
market tops.” He then revealed that Bitcoin’s realized profits
skyrocketed to $3.52 billion when it hit $73,880 last month.
This would suggest that the market top was indeed in. However,
Martinez added that he was waiting for another confirmation before
confidently claiming that the market top is in. He claims that this
confirmation will come if BTC achieves a sustained close below
the short-term realized price, currently around $59,800.
Meanwhile, he further stated that this market top theory could be
invalidated if Bitcoin surges above $66,250 and claims this area as
support. Bitcoin rising above that price level will help it gain
the strength it needs to move towards $69,150. If BTC eventually
breaches that resistance level, Martinez claimed it could advance
to a new all-time high (ATH) of $92,190. At the time of
writing, Bitcoin is trading at around $62,300, down in the last 24
hours, according to data from CoinMarketCap. BTC price falls to
$60,800 | source: BTCUSD on Tradingview.com Featured image from
Coinpedia, chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From May 2023 to May 2024