Prominent crypto chart analyst Ali Martinez has recently pointed out a potential bearish pattern forming in Bitcoin’s price movement, which could lead to a significant drop.
According to Martinez, Bitcoin might fall as low as $52,000 if the current price action continues to follow the pattern of a descending parallel channel. This pattern, suggests that Bitcoin’s price moves within two downward-sloping parallel lines. Each time the price hits the upper line, it faces resistance and tends to drop toward the lower line, which acts as support.
As long as the price stays within these boundaries, the asset tends to follow a bearish trend. However, if Bitcoin manages to break out of the channel, it could signal a bullish reversal, pushing the price upward instead.$BTC
