Bitcoin Continues Its Downtrend: Analyst Says $52,000 Is Coming!

Cryptocurrency analyst Ali Martinez reported that the Bitcoin (BTC) price has been stuck in a parallel channel that has been moving in a downtrend for a while

Ali Martinez focused on the ongoing downtrend in Bitcoin and the $52,000 price target

Martinez stated that after the latest rejection at the upper limit of this channel, a further decline in Bitcoin's price can be expected

Martinez pointed out that Bitcoin could currently decline to the mid-range of $58,000

He emphasized that if it falls below the mid-range, there is a risk that the price could fall to $52,000

After the latest rejection at the upper limit, we may see a decline to the mid-range of $58,000 or even the lower limit of $52,000. A bullish breakout will not occur until Bitcoin exceeds $66,000!

This bearish scenario could create some selling pressure on the market, as well as increase short-term concerns among investors.

However, Martinez stated that this negative outlook in the market could be temporary. According to him, Bitcoin's price will first need to exceed the $66,000 level to enter a bull market.

Exceeding this level could cause investors to buy more, as well as contribute to the price entering an upward trend. He said that if this critical level is exceeded, new momentum could be gained in the markets.

Martinez stated that developments in the Bitcoin market are generally related to global economic factors and investors' risk appetite. He particularly noted that macroeconomic data, inflation rates, and central bank policies have significant effects on crypto markets.

Therefore, he emphasized that investors should closely follow not only technical analysis, but also the global economic situation.