📈 Dangerous Patterns in Bitcoin: Analyst Explains What Is Needed to Eliminate the Possibility of Decline

Online cryptocurrency analyst Ali Martinez has evaluated Bitcoin and several altcoins from the cryptocurrency market in his latest statement.

The analyst stated that he is "cautiously optimistic" about Bitcoin, citing BTC's price forming a Head and Shoulders pattern (H&S). According to the analyst, a correction down to $78,000 could occur due to this formation. Ali Martinez mentioned that a strong close above $100,000 is needed to break this bearish pattern.

The analyst noted that BTC has a supply wall between $98,000 and $100,000, which is why this area acts as a resistance zone.

Ali Martinez also discussed Dogecoin, Cardano, and XRP in his statement about altcoins.

According to the analyst, cryptocurrency whales have purchased 40 million Cardano (ADA) coins in the past 48 hours. On the other hand, there have also been moments of activity in the XRP network. XRP has experienced a sudden spike in trading volume, exceeding $7 billion.

Evaluating Dogecoin, the analyst recalled that during previous bull cycles, DOGE took 27-42 days to increase by 1,000%.