Crypto analyst Ali Martinez thinks Bitcoin might be on the verge of a comeback, but it’s walking a tightrope. The price is in a crucial zone, and what happens next could be huge for both buyers and sellers.
Staying Above $93,400 is Key
In a recent video, Martinez pointed to some positive signs. Bitcoin’s showing a “bullish divergence” – a fancy way of saying its price is looking less bearish than its indicators suggest. This hints at a possible turnaround.
He also noted that there’s a bunch of leveraged positions (risky bets) around $95,300. Market makers – the big players – might try to shake these out, causing some volatility. That could create opportunities for them to profit.
Adding to the bullish sentiment, the number of traders on Binance betting on Bitcoin going up has jumped significantly. This suggests a growing belief in a price increase.
Since the video, Bitcoin has climbed above $94,800, a key resistance level. Martinez predicts it could hit $95,600, maybe even $98,373.
The Danger Zone: Below $93,400
But here’s the catch: If Bitcoin falls below $93,400, things could get ugly. Martinez warns of a potential drop to $84,000 or even $70,000 – a 25% fall from the current price.
Bitcoin’s Current State
At the moment, Bitcoin is trading around $95,173, slightly up from yesterday. However, trading volume is down considerably.
Bitcoin’s end to 2024 has been a bit gloomy, but many remain optimistic. Analysts see these 20-30% corrections as normal parts of a bull market, setting the stage for bigger gains later. A push past $100,000 in 2025 could trigger a major upswing, potentially reaching incredibly high targets.
