Cryptocurrency analyst Ali Martinez thinks that a larger correction could occur if the Bitcoin (BTC) price drops below a critical level.
According to information shared by crypto analyst Ali Martinez, Bitcoin (BTC) is moving within a parallel channel on the hourly chart. If the lower limit of the channel is maintained, there is a possibility that BTC will rise again towards the levels of $ 60,200 or $ 62,000. This scenario could create a significant opportunity for investors.
Bitcoin should maintain this level
However, there are warnings that if BTC breaks below the $58,100 support level, the price could drop to $55,000. A break of this support could increase selling pressure on the market in the short term and prompt investors to remain cautious.
How Bitcoin performs at this critical support level will be important in determining the market direction. Investors are closely watching whether BTC can stay within the channel. Both an upward recovery and a downward breakout scenario could lead to significant price movements in the Bitcoin market in the coming days.
This week, the US Federal Reserve’s (Fed) interest rate cut decision could also affect Bitcoin’s price movements. Investors are expecting the Fed to announce a 25 or 50 basis point rate cut. This decision could increase volatility in crypto markets and determine how BTC tests critical levels.
Stay tuned for new information.