Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important
04 Ottobre 2024 - 2:30PM
NEWSBTC
Crypto analyst Ali Martinez has suggested that the Bitcoin crash
might not be over despite the relief rally to $61,000. The analyst
highlighted the $60,365 price level as being important to avoid a
potential crash to as low as $57,000. Bitcoin Needs To Hold Above
This Price Level To Avoid Crash Martinez stated in an X post that
$60,365 is a key price level to watch for Bitcoin. He claimed a
break below this could cause the flagship crypto to fall to
$57,420. However, if it holds above this level, the analyst
remarked that a rebound to $63,300 is on the table. Therefore,
Bitcoin’s trajectory depends on the crucial support at
$60,000. Related Reading: Crypto Capo Returns After 2 Months
To Predict Ethereum Decline To $1,800, Is It Time To Go Long? In
another analysis, Martinez suggested that Bitcoin was likely to
suffer more downward pressure in the short term rather than a
rebound. He revealed that since May, every correction of the market
value to realized value (MVRV) ratio from its 90-day average has
led to a significant Bitcoin correction. In line with this,
the analyst noted that the latest rejection has already triggered a
10% drop, suggesting that Bitcoin could suffer more price decline.
Analyst Justin Bennett also believes that Bitcoin will likely drop
lower and predicts that it could fall to as low as $57,000. He
added that a relief to take out the $63,200 short positions would
be nice. Meanwhile, he alluded to the US Job report, which is
set to be released on October 4. The analyst expects significant
volatility amid this inflation data. A weak job report could lead
to a Bitcoin crash, similar to what happened in August, with the
flagship crypto dropping to $54,000. The inflation data is also
significant as it would provide insights into whether the market
can expect further rate cuts from the Federal Reserve this
year. Veteran trader Peter Brandt also looks to be bearish on
Bitcoin at the moment. He highlighted a ‘Three Blind Mice’ pattern
that was forming on the BTC chart, indicating that the crypto is
set to witness a bearish reversal following its uptrend in
October. Why A Price Crash Could Be Good The on-chain
analytics platform Santiment suggested that a Bitcoin price crash
might be much needed for the flagship crypto to go higher. The
platform noted that the crowd has considerably cooled off its
excitement toward crypto since BTC retraced over 9% from its local
high of $66,400 recorded on September 27. Related Reading:
Crypto Analyst Says Solana-Based BONK Is In Prime Position For
Legendary Rally Santiment claimed that this is encouraging,
considering that markets typically move in the opposite direction
of the crowd’s expectation. As such, the Bitcoin price could enjoy
a surprise rally, seeing as market participants are more bearish on
its trajectory. Ali Martinez noted that Bitcoin was currently
in the complacency stage and just needed to cool off before it
began its next rally. Featured image created with Dall.E,
chart from Tradingview.com
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