As the price of Bitcoin (BTC) began to decline, the comments of famous analyst Ali Martinez worried investors.
Unable to break the $100,000 level, Bitcoin fell under selling pressure and fell to $90,500. This situation caused declines especially in altcoins and made investors who follow the leader of cryptocurrencies nervous. Although the Bitcoin price rose to $93,500 with the reaction from $90,500, the danger is not over yet. So, what does cryptocurrency analyst Ali Martinez think about the future of Bitcoin?
Over the weekend, Bitcoin had begun to show signs of decline, remaining below $98,000. On Sunday, BTC, which dipped below $96,000, made a good start to the week, rising to $99,000. However, this positive momentum was short-lived and Bitcoin quickly fell back to $90,500.
During this process, it was observed that there was a large amount of liquidation, especially in long positions. Bitcoin, which rose rapidly from $ 75,000, left investors indecisive with this correction. Nevertheless, most cryptocurrency metrics indicate that the rise will continue. In particular, the support of US President-elect Donald Trump for Bitcoin was one of the factors that increased the expectation of an increase.
Famous analyst Ali Martinez states that $91,583 is a critical support level for Bitcoin. Martinez, who analyzes Fibonacci retracement levels and the TD Sequential indicator on 12-hour charts, predicts that Bitcoin could decline to $85,610 if this level is broken.