Why It Matters
Crypto analyst Ali Martinez says that $59,800 is a crucial level for Bitcoin. If the price drops below this level, it could trigger significant corrections.
The Short-Term Holder’s Realized Price
The short-term holder’s (STH) realized price is the average price at which short-term Bitcoin investors bought their coins. A drop to $59,800 suggests that these investors have sold their profits, potentially creating an opportunity for a rally.
The Importance of $61,900
Martinez also highlights $61,900 as a key support level for Bitcoin. If the price holds above this level, it could rise as high as $71,000.
Market Top Speculation
Martinez discusses the possibility that Bitcoin may have reached its market top. He notes a spike in realized profits, which has historically coincided with market peaks. However, he is waiting for further confirmation, such as a sustained close below $59,800.
Possible Bullish Scenario
If Bitcoin surges above $66,250 and establishes support there, it could invalidate the market top theory. This would open the door for a potential rally towards $92,190, a new all-time high.
Current Price
At the time of writing, Bitcoin is trading around $62,300.
