Despite the recent Bitcoin halving, analyst Ali Martinez has issued a bearish signal, predicting a potential price correction to $59,000.
Short-Term Declines
Martinez’s analysis suggests that Bitcoin may experience short-term declines due to:
- A red candlestick from the TD Sequential indicator
- A death cross between the 50 and 100 Simple Moving Average (SMA)
This could trigger a price drop to $63,300, with further dips possible to $61,000 and $59,000.
Cautious Approach
Martinez emphasizes caution as the TD Sequential indicator has flashed a sell signal. He notes that this indicator has historically led to price declines when Bitcoin falls below the $65,500 support level.
Accumulation Trend
The analyst also observes that the trend score for Bitcoin’s accumulation has fallen to zero, indicating that whales are not actively accumulating BTC.
Long-Term Outlook
Despite short-term volatility, Bitcoin’s long-term trend remains positive. Jack Mallers, CEO of Strike, predicts a long-term growth to $1 million. He cites financial instability in bond markets as a catalyst for increased liquidity that could drive up the price of assets like Bitcoin.
Current Market Situation
At the time of writing, Bitcoin is trading at $64,207, showing a slight increase over the past 24 hours. However, its trading volume has decreased by over 8%.
