Is Bitcoin Price Facing A Correction To $46,000? Here’s What This Analyst Thinks

Is Bitcoin Price Facing A Correction To $46,000? Here’s What This Analyst Thinks
фото показано с : newsbtc.com

2024-2-19 14:30

Over the past week, the Bitcoin price put in one of its finest performances since the start of 2024, breaking above $50,000 for the first time since 2021. While the premier cryptocurrency has been moving mostly sideways in the past few days, it continues to hold its own above the $51,000 mark.

However, a popular crypto analyst on the X platform has put forward an interesting prognosis for the Bitcoin price, stating that the coin might experience some bearish pressure in the near future.

Is BTC Headed To $46,000?

On Thursday, February 15, prominent crypto analyst Ali Martinez sounded the sell alarm – based on the Tom Demark Sequential indicator – for Bitcoin. According to the analyst, investors should anticipate a one-to-four candlesticks correction on BTC’s daily chart in the coming days.

Ali Martinez took to the X platform on Saturday, February 17, to share an in-depth analysis of an impending correction for the Bitcoin price. This evaluation is based on the distribution of holders’ cost basis across the various BTC price zones near the current price of the cryptocurrency.

With this on-chain indicator, the strength of any resistance or support level depends on the number of coins acquired by investors within the price range. And this strength is portrayed by how large or small the circles (representing the price ranges) are.

As shown in the chart above, the price of Bitcoin seems to be facing significant resistance between $51,099 and $52,582. Recognizing this pattern, Martinez said in his post that if the flagship cryptocurrency fails to reclaim the $52,000 level, then it is at risk of an 8% price correction. 

An 8% decline from the current point would see the Bitcoin price drop to between the $48,000 and $46,500 zone. According to the on-chain resistance data, more than 1 million addresses bought 544,870 BTC within this range, making it a significant support level.

Bitcoin Price Overview

As of this writing, the Bitcoin price stands at around $51,650, reflecting an almost 0.9% dip in the past 24 hours. Despite the recent bearish pressure slowing down its momentum, the market leader has maintained most of its profit from the past week.

According to data from CoinGecko, Bitcoin’s value has jumped by more than 8% in the last seven days. Meanwhile, the cryptocurrency has registered over 20% growth so far in the month of February.

Thanks to the recent price rise, BTC surpassed the $1 trillion mark in terms of market capitalization, solidifying its position as the largest asset in the cryptocurrency sector.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 65095.85 (+0.00%)
Объем 24H $24.081b
Изменеия 24h: -1.42 %, 7d: 1.55 %
Cегодня L: $65002.34 - H: $65134.27
Капитализация $1305.844b Rank 1
Цена в час новости $ 52331.78 (24.39%)

past above price bitcoin moving cryptocurrency premier

Источник: newsbtc.com

past above → Результатов: 126


Фото:

Bitcoin Remains in Firm Bull Territory as Buyers Defend Critical Support

Bitcoin has remained in firm bull territory over the past several weeks, despite it showing some signs of immense weakness Much of the benchmark cryptocurrency’s current strength comes from its ability to hold above its SMA50 One analyst believes that this is the level that will determine the crypto’s future in the days and weeks ahead He also notes that some hidden bullish divergences are working to counter the weakness stemming from BTC’s “somewhat defined” […]

2020-7-8 02:00


Фото:

Analyst: Bitcoin Needs to Push Past $9,600 to Avoid a Brutal Decline

Bitcoin now appears to be entering another consolidation phase around $9,300 Its buyers have been unable to surmount the resistance that exists around this price level Each attempt to break above it has been met with an influx of selling pressure that forces it lower As for what may come next, analysts are noting that it is imperative that buyers step up and force the benchmark crypto higher if they are to catalyze any further […]

2020-7-8 21:00


Фото:

Bitcoin Continues Closing Below a Crucial Level, Boosting Bears

Bitcoin has remained caught firmly within its long-held consolidation phase, with both its buyers and sellers being unable to catalyze any sharp momentum in either direction It is important to note that unlike weeks past, BTC is now consolidating just above its crucial support level at $9,000 This seems to be a sign of overt weakness, and could hurt buyers should the crypto begin inching lower Analysts are now noting that Bitcoin has been consecutively […]

2020-7-2 21:00


Фото:

These Macro Factors Show That Bitcoin Bears are Gaining Control of BTC

Bitcoin’s bulls and bears appear to be locked within an intense battle for control over the cryptocurrency Bears have been gaining the upper hand over the past few weeks, as the crypto has been consistently trending downwards despite being caught within a multi-week consolidation phase Presently, BTC is trading just above a crucial support level that appears to be growing weaker due to it being tested on multiple occasions over the past few days As […]

2020-7-1 02:00


Фото:

Ethereum Struggles to Flip Crucial Trendline as Analysts Eye Move to $120

Ethereum’s price has been sliding lower over the past several days Despite Bitcoin being able to maintain above the lower boundary of its long-held trading range, ETH is now trading firmly below the range it formed over the past several weeks This points to some underlying weakness amongst its buyers which comes as it nears its crucial $220 support level It also just confirmed a “death cross” formation that hasn’t been seen since March. This […]

2020-6-30 23:00


Фото:

This Trend on Bitfinex Puts Ethereum in a Precarious Position Compared to Bitcoin

Ethereum and Bitcoin have been seeing mixed price action in recent times The weakness seen by these two cryptocurrencies has been mounting over the past few days BTC is struggling to hold above $9,000 as Ethereum trades below its long-established trading range One trend that could have grave impacts for ETH in the near-term is the number of tokens being moved into exchanges – and particularly into Bitfinex This comes as the crypto finds itself […]

2020-6-29 22:00


Фото:

Here’s the Critical Price Level That May Kick Off Ethereum’s Next Bear Trend

Ethereum investors have gained little insight into the cryptocurrency’s trend over the past few weeks Despite being stuck within a wide trading range, it is important to note that ETH has been hovering just above the lower boundary of this range over the past few days This has marked an underperformance of Bitcoin and many of its other peers, but an overnight dip below this level was quickly absorbed by buyers Analysts are still forecasting […]

2020-6-20 23:00


Фото:

Bitcoin Funding Rates Flip Negative as Sellers Build Momentum; What to Watch For

Bitcoin has seen some intense turbulence throughout the past day, with the cryptocurrency losing the support it had at $9,400 before plummeting into the $8,000 region Buyers were able to guard against the massive influx of selling pressure, supporting it above $9,000 for most of the day The defense of the upper-$8,000 region has caused the crypto to form a double bottom seen while looking towards its RSI This indicates that the crypto could be […]

2020-6-16 02:00


Фото:

Analyst: If Bitcoin Holds $8,700, the Chances of “Bullish Continuation” Are High

The past few weeks have seen Bitcoin tread on thin ice multiple times: every time the cryptocurrency rallied to $10,000, it snapped lower, often violently. This week’s attempt at the crucial $10,000 resistance was no exception: after temporarily trading above the level for all of 20 minutes, the asset began a precipitous decline.

2020-6-13 04:00


Фото:

Holding Above This Key Level Could Send Bitcoin to $14,000; Will This Happen?

Bitcoin’s consolidation phase has muddied the clarity that many investors had regarding the strength of its uptrend Because the resistance that has been laced just above BTC’s current price has proven to be insurmountable, it remains unclear as to what could push the crypto past this level Analysts still believe that the crypto’s outlook could be extremely bright In order for it to validate its potential strength, however, it is imperative that buyers push it […]

2020-6-12 02:00


Фото:

Bitcoin to Breakout in Coming 7 Days as Strength Grows; Claims Analyst

Bitcoin has once again extended the bout of lackluster price action that it has been seeing over the past week The cryptocurrency’s mid-term trend is growing increasingly unclear as it struggles to surmount the heavy resistance that lies directly above its current price action It’s a strong possibility that this resistance will prove to be insurmountable Nevertheless, analysts still remain bullish.

2020-6-11 21:00


Фото:

These Warning Signs Flashed Prior to Bitcoin’s Capitulatory Decline to $9,000

Bitcoin’s explosive rally past $10,000 yesterday afternoon liquidated tens of millions in short positions The decline from this level seen this morning also led to mass liquidations amongst traders It is imperative to note that virtually all previous breaks above this level have been met with heavy selling pressure that results in capitulatory downtrends One factor that could spell trouble for Bitcoin is the fact that funding rocketed following the recent rally Bitcoin saw a […]

2020-6-3 02:00


Фото:

Bitcoin’s Move Past $9,000 Leaves Wake of Destruction; Liquidates $20m in Shorts

Bitcoin saw a sharp rise overnight that allowed it to firmly surmount the $9,000 region This upwards movement liquidated nearly $20 million in short positions, with buyers now attempting liquidate even more shorts in an attempt to fuel an uptrend The crypto has been rejected within the $9,200 region, however, which could halt its short-term uptrend Analysts are now also noting that heavy resistance just above Bitcoin’s current price level could be enough to fuel […]

2020-5-28 23:00


Фото:

Bitcoin’s Bull Case Remains Valid as Buyers Fight to Maintain $9,000

Bitcoin has been flashing some overt signs of weakness throughout the past several days and weeks This has been rooted largely in its inability to break into the $10,000 region after facing multiple strong rejections here throughout the past several days Analysts are now noting that the cryptocurrency remains in a position to see further upside, however, as long as it is able to hold above a key ascending trendline It also could soon rally […]

2020-5-23 02:00


Analyst Who Recommended Bitcoin at $5: Bottom Is in After March’s 50% Crash

While Bitcoin has crossed above resistance after resistance over the past few weeks, some analysts are skeptical that the bottom is decisively in. One prominent trader — someone who called that Bitcoin would fall to the $3,000 range months before it did this year — has shared a number of charts indicating that the asset is poised to fall under $3,000s.

2020-5-19 04:00


Фото:

Bitcoin’s Outlook is Bright as It Trades Above Key Cloud Formation

Bitcoin appears to have entered a firm consolidation phase within the mid-$9,000 region following the latest rejection at $10,000 In spite of the signs of weakness that BTC has flashed throughout the past several days, it is important to keep in mind that it has sustained above multiple key technical levels It now appears that the cryptocurrency could be well positioned to see further upside, but there is one key resistance level that must be […]

2020-5-17 22:00


Фото:

This Crypto Could See Major Pain as it Risks Breaking Its Macro Uptrend

Tezos has been one of the most bullish cryptos throughout late-2019 and 2020, only seeing momentum rivaled by that seen by Chainlink The cryptocurrency is now at risk of invalidating the technical strength brought about as a result of this uptrend Analysts are noting that it could soon see some serious “pain” as it struggles to hold above a key support level Tezos has seen some serious momentum throughout the past several months that has […]

2020-5-13 23:00


Фото:

XRP in the Red; but Bulls Have Opportunity to Breach $0.20

Ripple’s XRP token has in the past three days seen its value tank to $0.18 lows, but if bulls push it above $0.20, it would signal the bears are losing grip The price of XRP, the third-largest cryptocurrency by market cap has, over the past seven days, descended into a downtrend that saw bears push […] The post XRP in the Red; but Bulls Have Opportunity to Breach $0.20 appeared first on Coinjournal.

2020-5-13 14:08


Фото:

Bitcoin Halving Hype Could Give Way to Consolidation or Retracement, But what about Altcoins?

Just four days away from halving, we have some interesting next few weeks ahead of us. The world's leading digital asset is already enjoying an uptrend, currently trading above $9,800, breaking off its relation with equities after the correlation between them reached a peak during the past couple of months. This short pump is rolling […]

2020-5-7 20:58


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Exits ‘Panic Zone,’ But Capital Inflows Remain Weak

On-chain data shows Bitcoin network conditions have improved recently, but net capital inflows are still of a relatively weak order. Bitcoin Realized Cap Now Rising, But Only In A Slow Manner As pointed out by CryptoQuant author Axel Adler Jr in an X post, Bitcoin has exited from the “panic zone” on the Realized Profit/Loss Ratio.

Stocks Are At All-Time Highs, Bitcoin Is Lagging: Is BTC Late To The Rally?

Bitcoin is pushing higher after months of consolidation, with buyers gradually reasserting control and the market beginning to feel like it might have found its footing. The strength is real — but a report from XWIN Research Japan is adding important context to what that strength actually means in the broader picture. Related Reading: Ethereum […]

Bitcoin Mining Network Collapsing Into AI At Record Pace, Analyst Warns

The founder of Capriole Investments has warned that the Bitcoin miner AI pivot could result in mining revenue plunging to 30% in 2-3 years. Bitcoin Mining Companies Are Fast Pivoting To AI In a new post on X, Capriole Investments founder Charles Edwards has talked about the transition that the Bitcoin mining industry has been […]

These 3 Signals Mark Bear Market Exits—Bitcoin Has Yet To Trigger Them

Bitcoin is still far from triggering the three signals that have historically appeared at the end of bear markets, according to analyst Willy Woo. Bitcoin Is Still Trading Far Below The Cost Basis Of Recent Investors In a new post on X, analyst Willy Woo has listed the three things that tend to happen at the end of bear markets.