Over the past week, Bitcoin has been performing well, reaching above $50,000 for the first time since 2021. However, analyst Ali Martinez predicts a possible correction in the near future.
Correction to $46,000?
Martinez suggests that Bitcoin could experience a one-to-four candlestick correction on its daily chart. This prediction is based on the Tom Demark Sequential indicator.
Resistance at $51,000-$52,500
Martinez’s analysis also shows that Bitcoin is facing significant resistance between $51,099 and $52,582. If Bitcoin fails to break above $52,000, it could drop to between $48,000 and $46,500.
Support at $48,000-$46,500
On-chain data indicates that over 1 million addresses bought Bitcoin within the $48,000-$46,500 range, providing support at that level.
Current Bitcoin Price
As of writing, Bitcoin is trading around $51,650, showing a slight dip in the past 24 hours. Despite the recent bearish pressure, Bitcoin has maintained most of its gains from the past week.
