Cryptocurrency analyst and trader Ali Martinez shared via his Twitter handle that Bitcoin (BTC), while trading below its 200-day Simple Moving Average (SMA), could see a steep correction to the on-chain realized price of $31,500. Elaborating further, he stated that Bitcoin trading above the 200-day SMA usually represents a period of strength, while a drop below this level can indicate a potential for a correction. Currently, BTC has been trading below this crucial level of approximately $64,000 for over a month, hinting at a possible drop towards its realized price of $31,500. If Bitcoin continues to trade below its 200-day SMA, it could indicate a further correction. However, it is important to note that the cryptocurrency market is highly volatile and can be influenced by a variety of factors. As such, it is difficult to predict with certainty whether Bitcoin will reach $31,500.