Bitcoin is in a downtrend, according to trader Ali Martinez, and could drop even lower.
Martinez, who has over 70,000 followers on X (formerly Twitter), believes Bitcoin could fall nearly 9% from its current price. He points to a technical indicator called the TD Sequential, which is suggesting a short-term correction.
Bitcoin’s recent dip below a key support level also reinforces his bearish outlook.
Martinez isn’t just looking at short-term signals. He’s also analyzing a metric called the Market Value to Realized Value (MVRV), which compares Bitcoin’s current market cap to its realized capitalization. This metric has been in a downtrend for months, indicating that Bitcoin is still in a bearish phase.
While Bitcoin might be headed lower, Martinez also has some insights on Dogecoin.
He believes that Dogecoin could face resistance at $0.11, where a large number of investors are holding their DOGE.
It’s important to remember that this is just one trader’s opinion. The cryptocurrency market is volatile, and prices can fluctuate rapidly. Always do your own research and invest only what you can afford to lose.
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