Analyst Reveals Bitcoin Key Support Levels For Reaccumulation – Details
10 Novembre 2024 - 1:30PM
NEWSBTC
The price of Bitcoin showed a highly positive reaction to Donald
Trump’s emergence as the next US President, gaining by 9.62% in the
past week according to data from CoinMarketCap. Amidst this
price rally, Bitcoin established a new all-time high at $77,252 on
November 8 but has since retraced by over 0.5%. Commenting on the
asset’s potential next movements, analyst Ali Martinez postulates
BTC may be set for significant corrections which may present
opportunities for reaccumulation. Related Reading: Bitcoin Stock To
Flow Model Shows Price Is Ready For Next Phase Transition Above
$100,000 Bitcoin Likely To Fall To $69,000 – Here’s How In an X
post on November 9, Martinez predicted that Bitcoin may finally
record some significant price pullback, after days of bullish
uptrend triggered by US election results and the Federal Reserve’s
latest decision to initiate a 25 bps rate cut. Following the
premier cryptocurrency’s descent from above $77,000, Martinez
explains the price movement indicates a fall from a rising wedge
which is a chart pattern that signals a potential reversal in an
uptrend due to converging highs and lows. If this signal holds, the
popular crypto analyst predicts Bitcoin could fall to around
$73,900. Albeit, intense selling pressure could cause a further
decline to $71,500, with $69,000 emerging as a strong support level
in a worst-case scenario. Interestingly, Ali Martinez shares he has
set buy orders at all these support regions as any potential price
recorrection by Bitcoin presents a good opportunity for massive
purchases at lower prices. This trading strategy emerges from the
general belief that the Bitcoin bull season is still in its early
phase despite significant price rallies in the past few weeks.
Analysts continue to postulate a six-figure price target by the end
of 2024, indicating potential for magnanimous price gains in the
upcoming year. Related Reading: Analyst Reveals What The Gold Chart
Says About The Possibility Of Bitcoin Price Reaching $100,000 BTC
Leverage Ratio Hits 2-Year High In other news, data from analytics
firm IntoTheBlock shows that the ratio of Bitcoin’s Open Interest
to its market cap is 5.93%, which is the highest value of this
metric since the FTX collapse in November 2022. This
development indicates that traders are holding a high level of
leveraged positions, which can result in drastic volatility levels
upon any minute price changes, thus adding to the growing sentiment
around an incoming price correction. At the time of writing,
Bitcoin exchanges hands at $76,740 following a 0.70% decline in the
past 24 hours. Meanwhile, the assets trading volume is down by
44.63% and valued at $31.87 billion. However, the maiden
cryptocurrency continues to retain global headlines following its
27.76% price gain in the last month, resulting in a market cap
value of $1.51 trillion. Featured image from Nairametrics, chart
from Tradingview
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