Bitcoin Crossroads: Analyst Identifies Level Set To Determine Next Move
04 Março 2024 - 8:30AM
NEWSBTC
Bitcoin has been on an upward trajectory for a while now,
witnessing a significant rally within the broader crypto market and
reaching the $64,000 threshold on Sunday, as analysts have
identified trends that could decide the asset’s next direction.
Bitcoin Poised To Witneesed A Rally Or Dip In Short Term
Cryptocurrency analyst and trader Ali Martinez has taken to the
social media platform X (formerly Twitter) to share his insights on
Bitcoin’s price action in the short term with the crypto community.
Related Reading: JPMorgan Analysts Predict Bitcoin Crash To $42,000
Post-Halving – What You Need To Know Martinez has spotted an area
that could either lead to an uptick or a correction. Ali Martinez
highlighted that more than half a million Bitcoins have been
transacted within the range of $61,100 and $61,800, and as a
result, the crypto asset has formed a “substantial support area.”
According to the analyst, BTC is expected to rise towards $65,900,
if it manages to hold above this level. However, the experts expect
this to happen considering the lack of obstacles that lie ahead.
Furthermore, Martinez has also pointed out the potential for
Bitcoin to undergo a correction if it falls below the support
level. The crypto analyst stated that if this happens, BTC could
decline to “$56,970 or even deeper to $51,500.” The Post read: Over
500,000 BTC have been transacted in the range of $61,100 to
$61,800, which has created a substantial support area. If Bitcoin
remains above this threshold, it could climb towards $65,900, given
the minimal resistance ahead. Conversely, should BTC dip below
support, a correction could lead it down to $56,970 or even
$51,500. Ali Martinez’s predictions came in light of the broader
crypto market experiencing a significant rally. Presently, the
entire crypto market is seeing a substantial capital inflow not
recorded in over 2 years. Martinez noted in another X post that
approximately $48.54 billion is entering the crypto market,
indicating a rise in investors’ interest in crypto. He further
underscored that the development marks the “largest inflow of
capital since October 2021.” So far, experts forecast that in the
upcoming months, there will be bigger financial inflows due to more
lucid cryptocurrency regulatory frameworks. BTC ETFs To Control 10%
Of The Crypto Asset’s Supply Bitcoin Spot Exchange-Traded Funds
(ETFs) continue to gain traction as BTC maintains its upward
momentum. Due to this, SkyBridge founder Anthony Scaramucci has
predicted that the products could “take control of 10% of BTC’s
supply.” Related Reading: Bitcoin ETFs Threaten Gold’s Dominance As
Digitalization Trends Gain Momentum Scaramucci noted that a lot of
BTCs have been “lost since the ETFs were introduced.” Consequently,
ETFs now boast about 776,000 BTC since the products began
trading. However, he expects the products to take control of
the aforementioned percent “when it hits 1.7 million BTC.” Anthony
Scaramucci is confident that when this happens, there will be a
swift rise in Bitcoin’s price. Currently, the price of Bitcoin is
trading at $65,184, demonstrating an increase of over 5% in the
last 24 hours. Meanwhile, its market cap and trading volume are
both up by 5% and 79% respectively in the past day. Featured image
from iStock, chart from Tradingview.com
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